Turbocharging financing for SMES
Funding the biggest issue facing SMEs in Nigeria. SMEs contribute 48 percent of national GDP and 84 percent of employment. Invariably, if SMEs fail the economy is going with it. This is the threat.
After research I discovered this issue was in accessibility, rather than where to sources funds. Some of the factors limiting access are:
- Lack of sufficient collateral and credit information,
- strict requirements set by financial institutions, and
- the expense of acquiring cash are SMEs’.
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How can we make sure a borrower will pay back their loan when it’s due?
A default refers to when a debtor does not fulfil their contractually owed legal obligations. This may happen for various reason some I found are Intentional negligence, Social and economic obstacles, a poor evaluation Contracts and policies, Communication problems.