Thriving business ecosystem accessible to all.
Business owners struggle to understand the information required by loan providers to be approved for a loan. As a result, they often have significant delays in getting their loans approved, or receiving a rejection, due to the documentation needed.
On the fflip side lenders and financial institutions find it difficult to risk profile their customers, as many of them don’t have the financial reporting and accounting information necessary to justify taking the risk of working with them.
HOW IT WORKS
We are trying to figure out a way to offer sustainable consulting services to entrepreneurs in developing economies. Finance is about connecting people who have money with people who need money. Currently, there are several options in Fiji for loans for entrepreneurs but there are barriers to getting these loans which limit the opportunities and potential for them to enable a higher standard of living.
The project in July 19 will be exploring creating a bridge between consumers (SME’s) and Financial institutions (FI’s) that will allow business owners to:
- Understand what is required by Financial institutions in order to obtain a loan and how to go about getting that documentation
- Understand basic financial monitoring and accounting that will ensure they have a proven income stream that reduces the Financial institution’s risk and increases their chances of being approved.
- Easily see what loans are available to them based on their specific criteria, reducing their time in exploring these options and allowing them to secure a loan faster
It will also allow the Financial institutions to:
- Reduce the time it takes dealing with customers who aren’t prepared for their loans
- Reduces the risk in approving certain customers if they have been adequately monitoring their financial position and have the appropriate documentation
The business model
KEy Value Proposition
Increased business efficiency, revenue and growth trajectory
Increase product diversity and productivity
WANT TO INTERN ON THIS PROJECT?