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What is Peer-to-peer (P2P) Crowdfunding Platforms?
P2P crowdfunding platforms solve issues with SME Loans. One common challenge for SME is funding. For young SMEs especially, getting loans through the banks can be challenging due to a few reasons:
- The lack of collateral (essential for bank loans)
- Young credit history (banks would be reluctant to loan)
- Long processing time
With P2P crowdfunding platforms in place, SMEs now have a new avenue to turn to, when in need of funding.
