For a long time, the SME market did not really interest investors, mainly because it remained a risky sector, but also due to a lack of knowledge and sharing of information. Very few entrepreneurs had the possibility to advertise their needs, make their ideas and projects known, or simply get support. They found themselves in a dead-end.
This lack of knowledge and information also played a role on the way entrepreneurs would face potential investors. They were less equipped, not knowing what requirements would be required, what administrative papers would be needed. Bringing one’s idea from scrap to reality remained a challenge, however great and exciting the initial project was.
With the incredible development of the Internet and the rise of platforms of exchange, and thanks to websites such like Africa Report, willing entrepreneurs can now exchange, learn, connect with each other and grow their businesses.
In addition, banking organizations and venture capitalists are getting more and more interested into a market that contributes a lot to a country’s GDP. In Africa, as stated on the website of Africa Good News,
SME are said to contribute to 40% of GDP and 40% of employment opportunities.’
It is no wonder then that a bank like Standard Bank is now expanding its services and support to other SMEs across the continent.
Standard Bank, originally based in South Africa and an old-time supporter of Small and Medium Enterprises in the country, has been extended its support and services across the continent.
The bank is offering microloans to entrepreneurs in need. Their willingness to reach the market of African SMEs is such that they have now significantly reduced the list of requirements to apply. It will be a lot easier for someone to get a loan in order to start up a project or grow an existing business.
Standard Bank is also looking at innovative ideas such like psychometric tests in order to assess the risk on a project and make funding available quicker than ever before. This process will inform them on matters of ‘business acumen, integrity and honesty,’ and will give the bank an idea on the business without having necessarily to look at documents like financial statements, documents that most small entrepreneurs often could not present.
The interest of major banks into the ever-growing world of SMEs is an important switch, showing how important entrepreneurs are in Africa. One small idea can make a big difference and contribute to a country’s wealth. It was time for banks to play a role in the development of African businesses and offer financial support to small entrepreneurs. The time is here.
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