Being able to access financing is one of the main challenges that Start-ups face, so it is not an easy path, however, here we give you 5 recommendations so that you can start your financial life and meet the established objectives.
- If your company is in the initial stage, that is, it has been in operation for less than 3 years and is starting to hire its first 20 employees, look for a Fintech and not a Bank: Normally, banks tend to have a risk appetite oriented towards consolidated companies and larger than a company with 20 employees and that has not yet completed its 3rd year in the market. For this reason, we recommend you go to a Fintech that can be more flexible, such as Efinti, which has a specialized Line for StartUps called New Entrepreneur. Learn more about this line by clicking here.
- Plan the obtaining of resources: Do not wait to be at 0 in your bank and have 10 accounts payable to go to financing, have a projected and executed cash flow that tells you in advance when you should go to look for resources and what type of financing really need, it can be a credit or even Factoring or Confirming.
- Have the basic documentation of your company up to date: Do not wait to submit the application to update the basic documentation that any Fintech will request, prepare it and keep it updated:
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- Chamber of Commerce with an issue date no greater than 30 days at the time of submitting your application.
- RUT Updated with issue no more than 30 days.
- Copy of the identity card of legal representative, shareholders with more than 5% participation and Board of Directors (if applicable). In case of having legal persons within the shareholding composition, the documents of the final natural beneficiaries must be obtained.
- Financial Statements with notes (last cut + last 2 years if applicable)
- Bank statements for the last 3 months.
- Income statements for the last 2 years (if applicable).
- A Bank Certification of the account of the company to be registered.
* Valid documentation for Companies in Colombia.
Remember that it is only up to you to obtain the financing you need at the right time.
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