Finaktiva
The challenge
62% of SMEs in Colombia do not have access to credit facilities, despite their contribution to 30% of GDP and 65% of employment in the country. Even those that do, run into barriers such as high costs, long processing times, and unreachable requirements. According to McKinsey, this lack of funding contributes to the fact that 50% of new SMEs fail after one year, and only 20% survive after three years of operation.
The innovation
Finaktiva closes the gap between the financial sector and Colombian SMEs by offering financial services that are designed especially to their needs. By using their own IT ecosystem, Finaktiva's processes are fast, scalable, and flexible. Finaktiva focuses on the three credit lines for SMEs: Pyme, Women-led SME, and payroll.
The impact
Currently almost 500 loans representing 348 clients. 50% of these clients had no prior access to financing. Current clients generate approximately 7.000 jobs. 42% of clients are women-led organizations. During the Covid pandemic 2,000 jobs have been maintained thanks to their payroll credit line.
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