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Time-consuming application process, high interest rates and hidden fees are top pain points for SMEs: Survey

Updated: Nov 30, 2018 10:30:22am
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Time-consuming application process, high interest rates and hidden fees are top pain points for SMEs: Survey

New Delhi, Nov 30 (KNN) About 42% of Indian respondents find access to finance to grow business difficult, as compared to a third of their global peers, according to a global survey by American Express.

The survey says that 82% of all small and medium enterprises (SMEs) plan to use bank loans. However, with rising borrowing costs, Indian SMEs are taking a hard look at their finance options.

In fact, 69% of the fast growing ones say they will tap other sources of funding such as public equity.

Managing expenses effectively is a key focus area for Indian SMEs who are now placing equal priority on expense management as much as on increasing revenue.

Time-consuming application process, high interest rates and hidden fees are the top pain points for SME entrepreneurs, according to the American Express Global SME Pulse 2018 survey.

According to SMEs, customers are demanding more new or tailored products and services.

Some 44% plan to apply new technology to help them redesign products or services.

For SMEs, accessing finance is the most difficult part and most of them rely on traditional bank loans to run their businesses.

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