“A total of 15 eligible applications to raise funds were considered by the company’s Screening Committee but only three of the SMEs were accepted by Obelix to utilise monieworx®, its registered Funding Portal, to embark on their crowdfunding campaigns.
“According to a Formal MSME Finance Gap in Developing Countries report by the World Bank, the unmet financing needs of Nigeria’s formal SMEs is estimated at US$22 billion yearly. “The risk in this sub-sector is priced in the range of 28 per cent to 35 per cent p.a. Gaining access to finance is by far the biggest constraint to SME growth. Over 70 per cent of the 40 million SMEs cited a lack of finance and access to financing as the main constraint to their business growth.
Source: News Formal (newsformal.com)
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