Why are banks struggling to meet SMEs’ needs?

According to McKinsey, small business owners spend more time struggling with red tape than doing actual business. More than 70% of what they do is administrative-related. Isn’t that disappointing?

And then there’s a huge problem SMEs have with creditworthiness. Banks simply don’t want to lend money to anyone without a good glimpse into their historical data. No data – no money. Fintech lenders, anyone?

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