ACCCIM noted that financing for micro businesses had become increasingly challenging, driven by the high cost of borrowing, rising business costs, and a reliance on internal savings. The Chamber viewed the special financing fund as timely in meeting the needs of small businesses for working capital.
According to ACCCIM, the programme would help improve financial access for small businesses, as it does not require collateral, offers fast approval, and provides a reasonable lending rate to ease financing costs.
The Chamber also emphasised the need for more diverse funding options, improved digital access to credit, and less bureaucratic, more flexible lending processes to strengthen the financing ecosystem for micro, small and medium enterprises.
