The 2008 financial crisis crippled the global economy. For Europe, the recovery has been tenuous, witnessing the lack of confidence in the sustainability of individual nations, and dwindling trust in the financial services and banking industry.
While the strategy for economic recovery has focused on fiscal policy and the banking system, the brunt of the financial burden is placed on small businesses and entrepreneurs. These groups are left without funding for their businesses, without the security of a bank loan, and without access to credit lines from the financial services industry. To contextualise the gravity of this problem, we would like to point out that the 23 million small and medium sized enterprises (SMEs) in Europe represent 99% of businesses. Thus, access to capital for SMEs is critical for sparking job creation in Europe.
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