3 alternatives to apply for a loan without resorting to the traditional bank

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Businesses need money to be able to grow their business, invest in capital or technology, increase inventory, pay down debt, or cover daily office expenses. However, the current economic context has been extremely difficult: companies which still bear the effects of the pandemic, inflation, product shortages, among others, are reducing the growth possibilities of many companies, especially SMEs.


By the end of the year, businesses are in dire need of cash, but applying for a loan from a traditional financial institution can be a torturous process. Banking products are primarily aimed at larger customers who have other payment needs and options. For small businesses, approving a loan can be a life and death situation.

According to the figures of the X-ray of entrepreneurship 2020 , prepared by the Association of Entrepreneurs of Mexico (ASEM), 57% of entrepreneurs consider financing alternatives to be one of the main factors hindering the growth of their business.

For Bernardo Prum, Managing Director of Creze , a platform that offers online loans for small and medium-sized businesses in Mexico, “the needs of an SME or a startup are different from those of a large consolidated company. These types of businesses can disappear at any moment if they don’t get the leverage they need at the right time. Therefore, financing options must take into account other variables, such as approval time and loan amounts ”.

According to Creze, here are some loan alternatives for small and medium businesses:

Digital lending platforms . SMEs cannot wait long to access finance. One day can be the difference between surviving or lowering the curtains for good. Digital lending platforms can be a perfect alternative for this type of business because they offer agile credit, with flexible amounts and are easy to use, and the whole process can be done digitally.

FinTech . FinTech, or fintech, companies have experienced significant growth in Mexico, especially over the past two years. These solutions are designed to serve a market underserved by traditional financial institutions. Using their technology, these applications can assess other aspects of clients to assess risk and know how much can be loaned.

It should be noted that fintech companies not only offer loans but also other products such as digital cards, business accounts or savings products.

SOFOM . Multipurpose Financial Companies, or SOFOM, for its acronym, are one of the main alternatives for obtaining a loan. These companies offer services such as credit granting, leasing and factoring. One of the main advantages of this model over traditional financial institutions is that its lending requirements are less rigid than those of a bank.