Although the ventures increased with the pandemic, all of them have not managed to maintain themselves, the main reason is their lack of financial education, added to the lack of knowledge regarding the multiple entities to which they can turn for financing. This was demonstrated by the Emicron survey of the National Administrative Department of Statistics (DANE), which reveals that during 2020, “drop by drop” loans increased by 75% compared to 2019.
Added to this, it was found that 61.1% of the micro-businesses were financed with personal savings, while only 9.5% accessed a bank loan for it. This is due to a possible disconnection between microentrepreneurs and the financial entities that can support them, according to Juan David Castaño, vice president of business strengthening at the Bogotá Chamber of Commerce, in an interview with Portafolio.
For Castaño, there is a phenomenon that he calls ‘self-exclusion’, in which entrepreneurs consider that they cannot access credit. To solve this problem, the expert argues that it is essential for entrepreneurs to know their cash flow: «In the end, companies end up failing because they suffer from cash flow. A healthy cash flow reaches to contemplate debt resources that implies approaching a financial institution for a loan », he maintains.
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Entrepreneurs begin to demonize debt resources, that is, the credits they can acquire to inject into their business. Castaño also points out that, for financial entities, it is essential to ask for business information, flows, income, expenses, rather, to carry out a credit study, something that in the long run the entrepreneur does not seem to like.
Finally, Castaño calls on entrepreneurs to see the wide range of financial organizations that they can access. “There is a very good credit offer, but to access this you first have to educate yourself financially, understand the concept of cash flow, financial concepts, plan and then request the money that can be paid.” For this there are: the Chamber of Commerce, the National Guarantee Fund, traditional banks, Fintechs, Mayors, Innpulsa, among others.