Social Consulting

Bridging the gap between small to medium businesses in developing countries and loan providers.

Vision

Thriving business ecosystem accessible to all.

THe Problem

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.

Economic empowerment

Small scale entrepreneurship in developing economies can be hampered by lack of access to capital, appropriate advice and a supportive ecosystem.

Compounding debt

With limited education opportunities and cultural factors at play microfinance can create greater problems by compounding debt problems. For example, a borrower may engage secondary or tertiary loans to pay back the original debt at far worse terms or interest rates. Compounding the problem.

Employment skills

Fundamental business education and financial education for entrepreneurs and consumers can improve economic outcomes. By simply understanding the difference between ‘good debt’ and ‘bad debt’, consumers can be guided to purchase assets, which will help increase their wealth while reducing repayment risk.

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

The model being explored will look at serving the business owners at no cost and assist them in managing the finances of their business to ensure they have the proper documentation, and guiding them down the right path for the legals they need to obtain before being approved for a loan. Additionally, similar to insurance comparison models that exist in developed countries already, the business will provide consumers with a list of suitable loans and institutions based on their specific criteria, taking a commission from the financial institutions directly for each new customer signed up.

KEy Value Proposition

Increased business efficiency, revenue and growth trajectory

Through easier access to capital, coupled with enhanced business acumen.

Increase product diversity and productivity

through business development and empowering entrepreneurship across businesses in Fiji. This improves consumer options and increases market efficiency through competition. A more efficient market stimulates economic and employment growth, thus addressing SDG8 (Decent work and economic growth).

WANT TO INTERN ON THIS PROJECT?

LOCATION

Fiji

DATES
PRICE

Academic Credit

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