SME Capacity building: Tips of building a good credit record

Access to finance refers to the possibility that individuals or enterprises can access financial services, including credit, deposit, payment, insurance, and other risk management services. Those who involuntarily have no or only limited access to financial services are referred to as the unbanked or underbanked, respectively.

Among common financing challenges faced by SME are:

I- Incomplete document

II- Financial records not up to date

III- Weak in financial management and discipline

IV- Lack business succession plan

V- Unsatisfactory business conditions

VI- Repayment capability

Accumulated evidences have shown that financial access provides credit for the most promising firms promotes growth for enterprises through the provision of credit in the most promising firms, encourages more start-ups, and enables incumbent firms to grow by exploiting growth and investment opportunities.

However, little know of what the best way are to establish credit and keep a good credit score. Some of those are:

Enterprises!

You may not be ready now, but if you decide to be in different situation in years to come. You might want to take those advice. All the best