What are the Challenges in Obtaining Financial Support?
Securing financial support can be challenging due to:
Stringent Criteria: Banks and investors often have strict eligibility criteria and require detailed business plans. Competition: Grants and venture capital are highly competitive, with many businesses vying for limited resources. Economic Conditions: Economic downturns can make financial support harder to obtain as lenders and investors become more cautious. Documentation: The process usually involves extensive paperwork and legal documentation.