BUILDING FUNDING BRIDGES: OVERCOMING THREE KEY BARRIERS
So how can all lenders embrace innovation and build lending processes specifically designed to quickly understand a business’ financial position and possible default risk? By breaking down three key barriers that keep providers from being able to meet the high lending demand for SMEs and narrowing that funding gap.
Simplify the Application Process
Surveys show that on average, an SME loan applicant spends over 33 hours completing loan applications - time that could be spent running their business. One of the key benefits digital lenders offer is a simple application process. Business owners complete their applications online without the need for long forms, in-person visits, phone calls, or large amounts of paperwork. The customer experience improves, as applicants can track progress, submit supporting information, and get loan
13
Made with FlippingBook Digital Publishing Software