Major sources of funding for SMEs and large firms in a pandemic
By Timi Olubiyi
IN the country, apart from the known business challenges such as the decrepit infrastructure, inconsistent government policies, double taxation, regulation irregularities and the COVID-19 pandemic disruptions in recent times, lack of capital or funding issues contribute majorly to business failures.
According to findings of several surveys, one of the top challenges faced by entrepreneurs and businesses in Nigeria today is access to funding. Seemingly, funding is the bloodline of any form of business, whether it is a startup, nano, micro, small or medium-sized business, or an established large firm; knowing how to raise capital can often make the difference between business success and failure.
In fact, funding is important at all business stages, and cash which most times is referred to as “capital” in business terms majorly dictates the pace of performance in any business. Simply put, capital is the energy…