How banks look to address the new normal of SMEs

“As a result of the pandemic, banks have been addressing the cash flow issues of small businesses by offering bridge loans or forgiveness loans, such as the Paycheck Protection Program (PPP) in the U.S. According to the American Banker, this program might be extended as a result of recent protests in the U.S. that affected small businesses in terms of collateral damage and disruption of services. Whereas financing has been the main focus of banks recently, they can also deliver value to their small business clients beyond lending. They can become strategic advisors to empower their small business clients with value-added service to meet their needs during times of turmoil and beyond. More than ever, small business owners are seeking sources of inspiration, advice, and tools to help them survive and thrive.”

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