Whenever we think about procuring finances for any endeavour, the first thought that comes to our minds is bank loans. The same goes true for SMEs and businesses all around the world. Traditionally, banks have been the go-to sources of funding for many of these SMEs – a rather cumbersome and nerve-racking process.
According to the EU, “Small and medium-sized enterprises (SMEs) are the backbone of Europe’s economy. They represent 99 per cent of all businesses in the EU. They employ around 100 million people, account for more than half of Europe’s GDP and play a key role in adding value in every sector of the economy.”