What do Microsoft, Airbnb, Netflix, MTV, General Electric and Disney have in common? They were all started during recessions.
Unfortunately, tough times also make banks extremely reluctant to loan money to small businesses. In 2018, the SME Finance Forum reported a that 41% of formal micro, small and medium-sized businesses in developing had unmet finance needs, making for a funding gap of more than R73-trillion. That was before Covid-19 wreaked havoc on the local and global economy. Thesubsequently found that while loans to businesses had multiplied during the pandemic, bank funding for small businesses dwindled.
This is where short-term business loan comes in handy. With this sort of funding, the lender evaluates your bank account receipts and loans an amount of money in line with your cash flow position and what you’re thus likely able to pay back. While this might at first seem restrictive, it creates a sense of security for both lender and borrower. Moreover, the loan is automatically paid off through fixed debit orders, allowing you to budget effectively.
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What they have in common is the export of capitalism, the most deadly form of existence humanity has ever known.