SMEs Financial Support
Momentum Credit was established 2017 with a brand promise Expanding possibilities. In relation to Invoice Financing, this means finding the simplest fastest and most affordable way to fund potential customers in their individual, household and business activities. On the SME front Momentum Credit has defined structured, innovative financing solutions across 13-branches countrywide largely serving SME business owners and sole proprietors.
It is a well-known trope, that SMEs lack access to funding with both banks & non-bank lending institutions ‘hard’ on SMEs despite the fact that these institutions are in dire need of supply chain financing. That small businesses need working capital for growth but lenders insist on collateral to unlock financing. Why can’t this problem be solved? And in the few instances that it is, why is it so slow? Most SMEs require fast funding, quick cash, fast invoice financing and rapid LPO financing going against lenders requirements to conduct due diligence or again, secure lending against a collateral.
Momentum Credit has in-part solved this problem by providing a working capital facility to suppliers of reputable credit worthy private institutions across the country through the premier Invoice Factoring product targeting SMEs in the country. No innovation is without challenges, and we have faced a fair share of these in our quest to unlock SMEs financing – SMEs need to structure themselves right from the beginning. The incorporation process, tax registration and business permits done right imply long term due diligence compliance with all funders and partners. Simple but accurate book keeping and statement record keeping save lots of money in the future when the business seeks funding and partnership especially with corporates, government and NGOs. Finally, governance practices such as regular board meetings, filing tax and corporate returns as well as statutory filings seem trivial and complicated at first for SMEs, but are very expensive later when the business scales. In short, in our view, things don’t go wrong, they start wrong!
Reach out to us to better understand the financing solutions offered through our Invoice Factoring solutio