Especially painful the life of young small business - as soon as minimum requirements to be financed by most of the lenders 2 - 3 years, and minimum sum 5-10k. So I agree that fintech and particularly embedded lending could help. Still a lot to do in educating the market and improve traditional bank willingness to partner with fintech
Yeah spot on. 2 years of trading seems to be the minimum for most but there are some fintechs offering alternative finance options.
And totally agree, still lot of education required on all fronts (Banks, Fintechs + SMEs).
On that note, another step forwards (which I didn't get time to outline which is why the comments section is great) is a marketplace for SMEs not directly connected to a bank. Like MoneySupermarket but for SMEs. When businesses sign up they fill out basic information, agree to have a credit check run on them and the marketplace then suggests the best finance options based on their needs.
Especially painful the life of young small business - as soon as minimum requirements to be financed by most of the lenders 2 - 3 years, and minimum sum 5-10k. So I agree that fintech and particularly embedded lending could help. Still a lot to do in educating the market and improve traditional bank willingness to partner with fintech
Yeah spot on. 2 years of trading seems to be the minimum for most but there are some fintechs offering alternative finance options.
And totally agree, still lot of education required on all fronts (Banks, Fintechs + SMEs).
On that note, another step forwards (which I didn't get time to outline which is why the comments section is great) is a marketplace for SMEs not directly connected to a bank. Like MoneySupermarket but for SMEs. When businesses sign up they fill out basic information, agree to have a credit check run on them and the marketplace then suggests the best finance options based on their needs.