Most Asean Small Businesses Unable to Secure Funding

In Southeast Asia, nearly half (48 per cent) of small-and-medium-sized enterprises (SME) had to rely on friends and family for loans, Vietnam News reported, citing a report from cloud banking platform Mambu.

The ‘Small Business, Big Growth’ report, which surveyed over 1,000 SME owners globally that set up their companies and applied for a business loan in the past five years, said reliance on personal networks has increased 11 per cent during the pandemic, with shrinking access to external capital for SMEs.

Read the full report: Vietnam News

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Tags: ASEAN funding

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.