- SMBs face severe funding challenges, with over 75% of owners worried about securing credit amid rising interest rates and stricter lending practices
- FAVO Capital’s platform in development will enable businesses to apply for funding, track progress, and manage repayments, complemented by a mobile app for real-time insights and personalized recommendations
- FAVO Capital’s tailored financial products provide essential support for SMBs, enabling them to scale operations and contribute to economic stability
Access to capital has long been the lifeline of small and medium-sized businesses (“SMBs”), but today, that lifeline is fraying. Rising interest rates, stricter lending practices, and ongoing banking instability have turned what was once an accessible stream of funding into a nearly insurmountable challenge. The landscape has changed dramatically from just a few years ago when government stimulus programs and looser lending standards made capital readily available. Now, small business owners are facing one of the toughest financial climates in recent history, with significant implications for employment, salaries, and overall economic stability.
The Capital Crunch Facing SMBs
According to a 2023 survey conducted by Goldman Sachs’ 10,000 Small Businesses Voices initiative, more than 75% of small business owners are worried about their ability to secure credit. This marks a stark reversal from 2022, when 77% of respondents expressed confidence in their access to…
NOTE TO INVESTORS: The latest news and updates relating to FAVO are available in the company’s newsroom at https://ibn.fm/FAVO
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