SMBs Borrowing At Same Rate

The majority (89 per cent) of small- to medium-sized businesses (SMBs) are borrowing from their financial service providers at the same rate as they were before the pandemic began, says a study by Cargo. Additionally, 49 per cent of SMBs are optimistic about the future of their businesses, 93 per cent of owners are using the same financial services provider for most of their needs, and 63 per cent are utilizing their personal bank for their business needs. Also, the study says SMBs prioritize three critical areas where they need assistance from their financial service providers including, help with day-to-day issues such as invoices and payments, timely transfers and confirmation, and setting up accounts and services.