In Mexico, the tax laws dictate that the collection of VAT be exempt in the interest paid for amounts received for loans, as long as these are granted to the taxpayers that belong to the system of moral person and physical person with business activity. In this way, it is how you can save on a business credit; since they do not charge any type of VAT, and there is only the commitment to pay for the requested capital and interest on the debt to the financial institution that grants it. In the same way, this helps you have the opportunity to allocate more money for the investment of your business.
When applying for a loan or financing for your SME, it is necessary that you also investigate and choose the one in which they offer low commissions, competitive interest rates and benefits that can provide a greater opportunity for you to save.
How to identify savings?
Although, we already commented that you can save in different ways, including the VAT exemption, you must be able to identify the financial institution that can help you make your savings and credit management good.
Scattope and traditional banking are those that mainly offer loans for businesses or SMEs in our country. There are even some in which the process is totally digital. That is, the entire process, from requesting it to receiving the credit is done through the internet. Some aspects that favor this type of institutions against traditional banking are the response time, the minimum requirements they request and the interest rates they offer.
Once you have identified the institutions that can grant you the credit for your SME, the following is to evaluate the offer they give you, based on the amount, interest, commissions and benefits. Thus, you can compare which is the one that best suits the needs of your business and the capabilities you have to be able to pay.
Among the benefits you can look for are:
- That they do not ask for guarantee or guarantee
- To be able to make advance payments to capital without penalty
- The opportunity to increase the amount of the offer
- Decrease the interest rate
- Receive a second loan more easily under better conditions.
A business credit undoubtedly represents an important financial responsibility, but when this loan is destined to improve the conditions of a company, it ceases to be an expense and becomes an investment. Discover how much they can offer you and manage to boost your business.