WishFinance Introduces Swift, Stress-Free, and Convenient Alternative Lending Solution For SMEs
SMEs play an important role both in the developed and the developing countries. Socio-economically, these SMEs are responsible for the essential survival of the larger population of most nations.
SMEs need loans to grow and survive
SMEs are the cornerstone of economic development. In most countries, these SMEs provide the platform for job creation and economic growth. Therefore, any product or system designed to encourage the entrepreneurial adventure of SMEs or simplify the business environment may as well be recognized to be solving a global problem.
Entrepreneurs are people who sense opportunities, innovate, take risks and develop new goods and services. Sensing opportunities and being innovative is an aspect that can be achieved with little or no external resource. However, developing new goods and services is a process that must require the input of resources, which in most cases come in the form of financial capacity.
Funding is a major aspect of entrepreneurial development, hence the institution of banks and other financial bodies that support both existing and emerging enterprises.
Banks are reluctant towards SMEs
Loans and external funding are very essential in the development of SMEs. However, the possibility of such SMEs not meeting up with the obligations of loan repayment makes it somewhat difficult for banks to issue such loans.
The factors that may hinder an SME from fulfilling its loan repayment obligations may include the competition of breaking into an existing market and the possibility of non-adoption of the given innovation (in the case of startups). Such factors, among other reasons may cause banks to be reluctant in issuing loans to such SMEs.
Unlike large scale businesses, most SMEs do not have long term track records, neither do they possess assets that could be held as collateral for loans and facilities. Therefore, most of them get turned down at such instances of loan services, and in cases where they are considered, the processes are usually rigorous, strenuous, and most often protracted.
WishFinace takes advantage of blockchain solution
WishFinance’s alternative lending holds the promise of employing the inherent attributes of the blockchain in solving the persistent lending problems encountered by SMEs.
The immutability of data on the blockchain ensures authenticity of information, therefore the fear of data alteration in terms of investigating the records of anticipated loan beneficiaries is eliminated. This data is analysed by employing big data analytics, which ensures swift analyses in determining hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help provide more-informed business decisions.
The abolishment of fear
Considering the fear of banks and other traditional lending institutions when it comes to loan repayments, the seamless POS system employed by WishFinance simplifies the process for both lender and borrower.
Through WishFinace’s API embedded into the SMEs payment system, loan repayment becomes an automatic process. This reassures the facility provider of inevitable recovery of loans, as long as the business survives, at the same time taking away the psychological burden from the borrower as the transaction is spread over a long period of time.
Peradventure things don’t turnout as planned, and the business becomes unable to fulfill its loan repayment obligations, the existing partnership between WishFinance and their specific insurance company( currently WIRECARD) guarantees that no loss in incurred.
Global economy relies on SMEs
SMEs are famous for their dynamism. Compared to their larger counterparts, they may not be involved in extensive Research and Development (R&D) procedures. However, they can be considered as the lubricant within the economic sector. The spontaneous innovations proffered by these smaller economic boosters remains the fulcrum upon which the larger industry relies on to function effectively.
Apparently, the promise of blockchain as a disruptive technology keeps becoming more obvious as various sectors of data management/processing are beginning to experience significant revolution.
For SMEs, among other services that tend to support their growth and capacity, the unique features of WishFinance offers a swift, stress-free and easy to achieve alternative lending procedure.
Making life easy for SMEs doesn’t just stop at providing a level playing ground for innovators in cyberspace. It goes further to encourage fundamental economic growth of communities and nations at large.
Take your chance to grow profits and your investment portfolio with WishFinance. WishFinance ICO will take place in october (see actual details and dates on the web site). Feel free to ask your questions in our official telegram chat.
