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The Africa SME Program

The other week, I was on the phone with a banker in Guinea.
We were talking about funding SMEs and he told me, “If we lent to an SME, we would ask for at least a 70% guarantee.”
Of course the natural thought is, “Well if someone already had over 70% of the value of a loan in assets, why would they need a loan?”
This is a problem that entrepreneurs across Africa face on a daily basis.