SMEs : UNDERSERVED ECONOMIC POWERHOUSES
In the complex global economy, the unwavering heroes are Small-to-Medium-Sized Enterprises (SMEs), or Small-to-Medium Businesses (SMBs). SMBs are driving innovation, contributing significantly to GDP, and creating jobs in every sector in every market. Despite being the champions of the economic landscape, they’re still at the back of the line when it comes to getting fast, favorable access to credit. There is an enormous funding gap for SMEs - a global gap to the tune of at least $5.2 trillion annually, according to the International Finance Corporation (IFC). Overall, 40% of SMEs worldwide don’t have access to the funding they need to operate. A quarter of European SMEs have severe access to finance issues, while in MENA, the funding gap is 88%. A quarter of European SMEs have severe access to finance issues, while in MENA, the funding gap is 88%.
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