Microfinancing: Lifting Small Businesses to Success
By: Aladin R. Intoy Jr.
Starting a business is good, but it requires several elements such as perseverance and money to become successful.

You might be already knowledgeable about why money is essential in developing businesses to success. As they say, money is considered the blood of any business and it is true to micro, small, medium, and even big enterprises. However, big enterprises already have enough capital to start and fund their ventures for developments and future upgrades. Hence, they no longer think too much about financing so they focus more on other elements such as improving their customer experience, marketing, and more.

But, how about small businesses? There are several small business owners who already have the grit and perseverance to be successful businessmen, but the problem is they lack financial support. Most of them have just enough capital to start the venture and then the gamble if the business will continue to grow starts afterward. Some are able to continue growing as their business continues to make a profit, while some fail immediately for the lack of enough capital to move forward.

This is when microfinancing comes in. Microfinancing enables small businesses or business owners with low-income to pursue their ventures by providing loans. Microfinance institutions lend money to small enterprises that mostly do not have access to banks and other big financing companies. Since financial opportunities are now available for such businessmen, they can already focus more on other business aspects to continue expanding as they move forward.

One great example of a microfinance institution is Kayamo. Kayamo is a financial technology company that provides Filipinos fast and easy loans. The company strives to uplift Filipinos' quality of life through financial empowerment one loan at a time. You can also visit www.kayamo.ph to know more. Hence, institutions such as Kayamo which are targeted at small businesses—specifically Lazada sellers—decrease the risk for business owners making it safe and easy for them to grow.

With the help of microfinancing, persevered small business owners will be boosted with enough blood (money) for their business. With enough financing, they can improve their products, services, and business as a whole. This also increases the probability of success as they no longer have to worry about where to get financial support. Indeed, microfinancing is lifting small businesses to success.