When times are tough, no potential source of funding can be overlooked. It is therefore no surprise that financial technology firms are exploring different ways to help firms release capital.
A 2021 report published by Catalyst Research noted that one of the core challenges faced by small and medium-sized enterprises (SMEs) in the US is access to working capital to pay for regular, predictable expenses such as labour costs.
In service-based businesses, such as restaurants, bars and theme parks, wages can account for as much as 40% of total costs.
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