EFInA urges SMEs to explore funding beyond bank loans

The Chief Executive Officer of Enhancing Financial Inclusion and Advancement (EFInA), Foyinsolami Akinjayeju, has urged small and medium-sized enterprises (SMEs) to explore alternative sources of funding beyond conventional bank loans to support business growth. She emphasized the importance of identifying financing options that match their operational needs, growth ambitions, and repayment capacity to avoid taking on debts that could undermine their businesses.

Akinjayeju outlined three key considerations for businesses seeking funding: purpose, proof, and partners, and introduced the acronym CAPITAL to represent seven alternative funding options available to SMEs.

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