According to a 2022 report by the World Economic Forum, around 67% of small and medium enterprises (SMEs) cited survival and expansion as the top challenges that they’re facing. The limited access to resources and financing that many small businesses face worldwide presents a significant hurdle to maintaining day-to-day operations and pursuing expansion. Overcoming this challenge is where business banking loans can be essential. These loans provide the necessary cash flow to support business growth, address short-term financial challenges, and ensure the continued viability of operations.
Maya, the country’s leading digital bank, fully understands these challenges that small businesses face when accessing capital. That’s why we’ve made it incredibly easy for businesses to obtain financing through Maya Flexi Loan. With this flexible credit line, you can get approved in just minutes and instantly access up to PHP 2 million in additional funds—whenever you need them.
What sets Maya Flexi Loan apart is the personalized loan offers, tailored specifically to your business based on your average sales from Maya payment solutions. This ensures that the loan matches your financial capacity and needs.
Additionally, we offer competitive and borrower-friendly fees, making repayments easier and more affordable. Whether you’re looking to expand or need extra capital to seize an opportunity, Maya Flexi Loan is designed to help your business thrive.
Getting a business loan in the Philippines like Maya Flexi Loan and paying it back doesn’t have to be a stressful experience, so long as you’re on the right track with your payment schedules and any fees that come with it. Here are some tips for business owners when managing business banking loan payments.
1. Prioritize Your Payments over Other Expenses
There are many benefits to paying your loan on time. Not only do you avoid incurring penalty fees for late or missed payments, you also establish a good relationship with your lender, which can help your chances of approval should you need a loan again in the future. To ensure timely repayments, prioritize setting aside your monthly loan payments before allocating your revenue to other expenses
If possible, also automate your monthly loan payments to ensure a consistent payment schedule. Fortunately, Maya Flexi Loan allows you to settle your loans straight from your Maya Business Manager dashboard. By prioritizing your payments, you don’t have to worry about possibly missing due dates and can instead focus your remaining revenue on other business expenses.
2. Pay Close Attention to Your Cash Flow
Tracking your cash flow regularly clues you in on whether your business is making enough profit to cover all your expenses, allowing you to reassess your business plans accordingly. Hence, make sure your bookkeeping is always updated and accurate. While your business loan has provided you with additional funds to make your cash flow healthier for the short term, that doesn’t mean you can be careless with your expenses. Rather, this is all the more reason to be strict with your spending as you’ll have to account for loan payments as well.
3. Cut Down Unnecessary Expenses
With that in mind, be on the lookout for unnecessary expenses you can cut down to help improve your cash flow further and to make loan payments easier on your budget. For example, reevaluate your supplier and vendor contracts and see if the prices they’re offering are still competitive enough. If not, then start shopping around for suppliers and vendors who can match their quality at a lower rate.
You can also cut down expenses by investing in technology. While this will require you to shell out money upfront, the efficiency that new equipment or software can bring to your operations will save you money in the long run.
4. Look for Ways to Grow Your Business
Another way to maximize your loan money and help make loan payments much easier down the line is to invest the funds in activities or ventures that will make your business grow. Expanding to a new branch, adding more products or services to offer, or buying equipment to help with production can bring in more profit for your business. As you grow your small business, your finances become more stable and less reliant on external funding, which then lets you pay your business loans faster.
5. Make Extra Payments
If it’s within your means, try to make extra loan payments to make more headway toward paying off your loans in full. While this may mean deferring the immediate use or reinvestment of the extra funds you’ve got, the benefit is that you’ll pay off your loans sooner. This early repayment can lead to greater financial flexibility and liquidity in the future, allowing you to enjoy the rewards of your hard work more quickly.
Let Maya Flexi Loan Give Your Business That Extra Funding It Needs
Through loans, you can secure the extra funds you need to make your small business grow and thrive. Sign up for Maya Business and enjoy our personalized loan offers to turn those business plans of yours into reality.
Signing up qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. This can immensely help small businesses like yours to grow and expand without having to worry about steep fees. What’s more, by using Maya more frequently for your wallet or card payments, you’ll even get better loan offers in the future.
Moreover having a Maya Business account also lets you open a Maya Business Deposit account, which allows you to enjoy our industry-leading 2.5% per annum interest rate—that’s an equivalent of PHP 25,000 in interest per year on a PHP 1 million deposit. You also get free money transfers via InstaPay and PESONet, which nets you more savings.
Looking for a partner to help your business grow? Then sign up for Maya Business today and enjoy the advantages of our business solutions.
