On the other hand, banks face unreliable scoring data for the risk analysis of the SMEs loan applications, which results in a huge gap being traced between Banks and SMEs. SMEs have a very hard experience with the banks during loan applications.SMEs are low ticket size for banks, combined with high processing costs for loan applications.Not being able to provide collateral assets to support bank loans.Some of the reasons that make the lack of financing one of the main stoppers for small businesses growth are: How would you define the problem you’re addressing, and what is your solution for it? We got to delve deeper into the matter in an extensive interview with Cosmin. We really need to focus on creating more jobs, or the world is going to face more crises. “ It was then when I realized that this is a big issue worth solving. The difficulty to get financed by the banks has generated a lot of frustration, not only for me, but for many other business owners. The 2008 financial crisis made the problem even worse, causing a large number of SMEs to file for bankruptcy in the period between 20. “ It takes a lot of effort to extend a bank loan, which in turn becomes a burden for small businesses that are trying to hire new people in order to scale and grow. Varying from production and distribution, all the way to software and services, his latest endeavor is iFactor – an alternative SME lending platform.ĭuring the years, one of the pressing problems he kept encountering was the access to finance for his business. With over 20 years of experience as an entrepreneur, Cosmin Curticapean – Founder & CEO of iFactor, is the creator of 12 businesses.
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