Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, creating jobs, and fostering innovation. However, access to financing has traditionally been a significant challenge for many SMEs, particularly those that are underserved by conventional financial institutions. These underserved AI tools for SME loans often face difficulties in securing due to stringent requirements, lack of collateral, and limited credit history. Fortunately, the rise of artificial intelligence (AI) is transforming the lending landscape, enabling financial institutions to better assess and meet the needs of these underserved businesses.
How AI is Helping Financial Institutions Reach Underserved SMEs