Friends, relatives, and private lenders are the main financial backers of entrepreneurs in Togo

Economic governance
Wednesday, 14 October 2020 16:06
Friends, relatives, and private lenders are the main financial backers of entrepreneurs in Togo

(Togo First) - In Togo, friends and relatives are the main financial backers of entrepreneurs, slightly behind banks often hesitant to finance them. 

According to a survey of 350 very small and medium-sized enterprises published in the government’s 2020-2025 roadmap, up to 28% of business owners surveyed say their relatives and friends are their main sponsors, against 29% who said commercial banks are. Twenty-five (25%) of the entrepreneurs were financed by microfinance institutions and 18% resorted to private lenders. However, 6% of the surveyed claimed they financed themselves. 

These figures are significant because of the lack of key financing young entrepreneurs need to thrive. 

Séna Akoda

togofirst mobile

 
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