As the ripple effects of the pandemic continue to impact economies globally, small and mid-size enterprises (SMEs) continue to be squeezed.
Lockdowns, travel bans, social distancing measures and curtailed economic activity more broadly have pushed SMEs to the brink – and sometimes over. Revenues have been hit, and operations untenable.
Even for well-run businesses, obtaining credit at the point of need at a reasonable rate has been an Achilles' heel for a long time. While several banks have been more forthcoming in lending to SMEs since the onset of the pandemic—predominantly driven by government-assisted financing and risk-sharing schemes—the reality is their businesses have been hit hard.