Business 5 Countries Offering the Easiest Access to Business Expansion Loans
In the technologically advanced world, loans are the best way to fulfill the financial requirements of your business. Not only in today’s times but from ancient times, loans have been an important tool in expanding respective businesses. Any company, whether small or big, requires business expansion loans for various reasons, such as buying new machinery, repayment of previous loans, or hiring a new employee. Whatever the reason, there’s no denying the influence of loans over the business.
The World Bank has published a detailed report on countries with the easiest financing access, including credit sources and loan requirements. The research is based on surveys of more than 161,000 firms and measures the availability of loans in 144 countries. With the publishing of this report, many businesses and other people always have curiosity about which country provides the easiest access to business expansion loans. To fulfill your wishes, we will provide detailed information on the top five countries which offer the easiest access to business expansion loans.
1. Chile:
Chile is the country with the easiest access to business expansion loans. Approximately 79.6% of firms in Chile have business loans or lines of credit. Even after the hard-hitting COVID-19 pandemic, the percentage of obtaining business expansion loans in Chile continuously grows.
2. Peru:
In 2020, like other countries, Peru’s economy was also affected. But, in no time, it came stronger than ever. With the start of 2021, business loans got a huge rise due to the credit programs imposed by the government. Peru is the second topmost country with the easiest access to loans. Approximately 77.8% of firms in Peru have business loans or lines of credit.
3. Spain:
At the start of the COVID-19 pandemic, Spain was one of the main countries brutally affected by the virus. In early 2020, the loan applicants in Spain reached the highest lowest level since 2008. But in late 2020, loan applications witnessed the rise, and startups & businesses started to flourish again. Today, 76.5% of businesses have a loan or line of credit, making Spain the third topmost country with the easiest financing.
4. Cyprus:
With each passing day, Cyprus is in a race to become one of the emerging powers in Europe. Over the years, the vast majority of migration from Asian and African countries to Cyprus is proving to be a useful factor in the economy. Today, Cyprus has provided small business expansion loans and lines of credit to approximately 69.4% of firms, making Cyprus the fourth topmost country with the easiest financing.
5. Belgium:
In the early 2010s, Belgium had the best lending conditions for business expansion loans. It was in 2018 when securing business loans reached its all-time low since 2008, and the COVID-19 pandemic further worsened the condition. In late 2020, the government of Belgium introduced the Flemish recovery plan, which aimed to revive the economy. And their schemes were successful in doing so. Currently, 68.8% of firms in Belgium have business loans and lines of credit.
Conclusion:
Business expansion loans are ideal for supporting new talent and established enterprises. The world economy was affected badly due to various outrageous events in the past, like COVID-19 and the Ukraine-Russia war. And these countries were the ones who took the right step to provide the easiest access to loans.