Become a Funding, Equity and Inclusion Champion… and Fuel Your Growth
Despite a sharp increase in global financial inclusion since 2011, equal access to financial services remains part of over half of the United Nation’s Sustainable Development goals. In fact, 22% of the U.S. population can be considered underbanked according to the Federal Reserve’s 2022 Report. Somehow, increasing numbers of people have access to financial services, yet many remain locked out.
Of course, these statistics are related to personal banking. Still, we cannot forget that every entrepreneur or business owner also has a personal banking side. How many small businesses are led by bright entrepreneurs with potential who also happen to be underbanked? There is tremendous value to be unlocked by intelligently tapping into these underserved segments that have historically been left behind despite advancements in digital banking.
Tech-savvy innovators secure tons of funding – deservedly so given the great efforts they put into founding their businesses in these generally competitive industries. Governments create funding programs for the growth of disruptive and innovative technologies. However, many other businesses remain under the radar. Despite the power of the internet, information about relevant funding available for them is generally not as easy to find. As such, first-time founders and other underserved entrepreneurs generally remain at a disadvantage due to the challenge of identifying appropriate funding.
Financial institutions should take note. The age of information has already changed our lives by putting millions of minicomputers in our pockets. Knowledge bases are more accessible than ever, and research can be carried out on pretty much any topic. Despite this, information about funding remains scattered across multiple government, university, and loan provider websites – to name a few sources.
Funders also often use terms that are not readily understood by the typical first time or non-traditional entrepreneur. With many funding providers having their own expressions and terms, it is easy to quickly get lost. Useful funding information is therefore paradoxically everywhere, yet hard to find; highly accessible, but difficult to understand. As a result, the whole topic remains confusing for most underserved entrepreneurs.
To ensure the inclusion of all in thriving business communities and growing industries, funding information needs to be as straightforward, accessible, and relevant as possible. Access to funding remains one of the greatest challenge small businesses face according to Fundica’s 2023 Small Business Survey. By helping business owners efficiently identify and compare relevant funding opportunities, a funding search engine can empower underrepresented businesses to take advantage of the funding available for them to prosper. [1]
By providing relevant information about funding to their small business clients and prospects, forward-thinking financial institutions can find out more about a broader group of prospects that may not have otherwise come to their attention. Moreover, for financial institutions genuinely interested in the notion of equity and committed to the growth of a more inclusive business community, this near effortless approach – Fundica requires no IT integration – can be extremely rewarding and meaningful. In addition to intelligently focusing on attracting and retaining business clients in an inclusive and broader market, a funding search engine also enables a financial institution to become the trusted, one-stop funding advisor: a funding champion!
Fundica is an award winning, AI-powered funding search engine licensed by some of the largest financial institutions in North America. Using Fundica, these financial institutions help business prospects and clients easily identify and apply for the most relevant government and bank complementary funding available while also acquiring valuable information on firmographics and funding intentions.
Want to learn more about how our AI-powered search engine can make your institution a Funding Champion? Book a demo today.
[1] A 2023 Fundica survey found that comparing funding options and finding relevant funding were the two main benefits small businesses and entrepreneurs got from using Fundica.