Asia SMEs braced for global competition need greater access to credit – ADB

The slowdown in regional and global economic growth has created a need for a new growth model for Asia, triggering a shift in focus to the small- and medium-sized enterprises (SMEs), which now need greater access to credit if they are to be groomed for global competition.

According to the “Asia SME Finance Monitor 2014” report by the Asian Development Bank (ADB), the Philippines and other economies in Asia have made progress in addressing the SMEs’ limited access to credit, but a lot more needs to be done to help them grow faster into dynamic, globally competitive companies.