This challenge is quite daunting for Micro, Small, and Medium Enterprises (MSMEs). Most of these businesses struggle to access affordable funding from traditional banks, leaving their dreams unrealised and their visions stalled.
Small businesses are the lifeblood of any economy. According to the World Bank, they comprise 90% of businesses and provide about 50% of employment worldwide. Despite their relevance, many MSMEs face hurdles in accessing affordable funding. Some of these challenges include
Lack of access to banking services
Many MSMEs do not have access to basic financial services such as business accounts, credit facilities, and payment solutions critical to their daily operations. This hampers their participation in the formal economy and stifles their growth.
High-Interest Rates from Banks
When MSMEs manage to secure funding, traditional banks give exorbitant interest rates, leading to financial stress and cashflow challenges and inhibiting their ability to build good credit profiles.
Difficult Loan Application Process
The application process for business loans is riddled with complexities and time-consuming paperwork. These processes discourage many entrepreneurs from attempting to take loans.
Amidst these challenges, OurPass has emerged as a steadfast partner on a mission to remove barriers to business development. The business bank has shown commitment to empowering MSMEs and SMEs with much-needed financial solutions, including business accounts, 2% interest loans, inventory management, and more.
Beyond being a business bank, OurPass is a dynamic force on a mission to remove the barriers that have long stifled the growth and potential of small enterprises.
OurPass pivoted from a One-click checkout that helped e-commerce businesses in 2021 amidst the COVID-19 pandemic and e-commerce boom to a global neo-bank for businesses, offering everything they need to start, grow, and scale their businesses.
Although they only began exploring this transition in July 2022, they are already serving thousands of businesses and processing more than 1 million monthly transactions.
The cornerstone of OurPass’s commitment to MSMEs is the OurPass 2% interest business loan. This innovative financing solution is designed to provide access to affordable capital—a lifeline for small businesses.
The OurPass business loan comes with a range of features and benefits that set it apart:
Competitive Interest Rate: With an interest rate as low as 2%, OurPass ensures that small businesses can access financing without the burden of exorbitant interest charges.
Flexible Repayment Terms: Recognizing MSMEs’ diverse cash flow patterns, OurPass offers flexible repayment options that align with the unique needs of each business.
Quick and Convenient Application Process:OurPass has streamlined the loan application process, reducing complexity and saving valuable time for entrepreneurs.
Digital Platform: Applicants can take advantage of a user-friendly digital platform, making it easy to submit loan applications and track progress.
How It Works
OurPass boasts a simple 3-step process to securing a business loan on their platform. All you have to do (after creating an account) is:
- Select finance at the bottom of the app home screen
- Select loans
- Select Apply for Loans and fill out the form
Eligibility Criteria
To qualify, businesses only need to have been operational for at least three months and have an account with OurPass.
In business, success often hinges on the ability to seize opportunities and overcome challenges. For Micro, Small, and Medium Enterprises (MSMEs), one of the most significant challenges has been the struggle to access affordable financing.
These challenges can stifle growth, limit innovation, and, at times, even jeopardize the very existence of these enterprises. OurPass has embarked on a mission to remove the barriers that have long hindered the progress of MSMEs and SMEs.
Whether you need to expand your business, cover short-term expenses, or buy equipment, OurPass offers loan options that put you in charge. Their groundbreaking financing solution offers a lifeline to MSMEs, providing access to capital at a rate that won’t burden your bottom line.
With competitive interest rates, flexible repayment options, and a straightforward application process, their loan empowers you to achieve your business goals.
Download the OurPass app from the Play Store or the App Store to get started, or visit www.ourpass.co to discover more. OurPass is fully licensed by CBN, and deposits are insured by NDIC.
