SMEs require funding to improve the global trade finance deficit says WTO
Growing issues in the international trade & finance sector is confounding global development & growth, as start-ups and small companies are being refused funding in the early stages of their incorporation which is crucial to their contribution to the global economy.
The World Trade Organisation have stated that Small & Medium sized Enterprises are the main support of the economy in many developed and developing countries; employment rates in most jurisdictions & significantly contributing to overall economic growth and consequently trade expansion.
In spite of this, 58% of SME applications for funding are being rejected, compared to 11% of the applications submitted by multinational enterprises. SMEs in emerging markets (such as third world countries) face the toughest economic climate. The unwillingness of respective governments to fund to start-ups is proving influential in the reason why finance experts estimate that unfulfilled demand for trade reached a deficit of $1.5 trillion last year.
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