The process of looking for funding for a new business can be very frustrating since there are so many different avenues to explore. It definitely pays to take the time to research the different alternatives and to leave all funding options open in order to make the best decision for one’s startup. Two ways in which a new entrepreneur can effectively raise capital is by seeking the advice of other business owners and the assistance of the Small Business Administration. While both do not directly provide funding to entrepreneurs, they do offer a wealth of resources which can guide the new business owner in the right direction.
Consult with other business owners
Many new entrepreneurs simply do not know much about the process of entrepreneurship or how to go about marketing their unique business ideas. While their business ideas may be of great value, many are not aware that it requires money to make their ideas a reality. Discouraged by exorbitant startup costs, many prospective entrepreneurs simply do not pursue their dreams any further because the entire process may be quite intimidating.
One way in which a new business owner can learn more about the process of entrepreneurship is by asking other business owners about their personal experiences. Often times, existing business owners can give first-time entrepreneurs valuable insight into the practice of private enterprise and what to expect during the development of their new company. In addition, fellow business owners, who have been through the process of funding, can discuss the ways in which they were able to effectively raise startup capital.
In addition, existing business owners are often enthusiastic about mentoring others, making it very beneficial for an entrepreneur to take advantage of such an opportunity. By consulting with other small business owners who have already been through the startup process, the entrepreneur puts himself/herself ahead of the game.
Seek assistance from the SBA
Government agencies, such as the Small Business Administration, can also provide entrepreneurs with much needed support for their small businesses. The main objective of the SBA is to strengthen the overall economy of the United States; therefore, it is their mission to protect the interests of all prospective and existing small businesses. Their website (www.sba.gov) offers a multitude of resources to first-time and existing entrepreneurs on how to manage and expand their businesses effectively. They also have information on how to increase one’s business knowledge and productivity for a successful company.
In terms of funding, the SBA acts as a guarantor of small business loans through local banks. The goal of obtaining a loan through an SBA loan program is that the borrower can take advantage of longer periods of repayment with low interest rates.
While it can sound extremely promising for small business owners to partake in an SBA loan program, these types of loan plans can be quite competitive. People with a good credit rating and credit history are often the ones who are considered for SBA loans. Another downside is that obtaining a small business loan through an SBA loan program is often not enough to cover all startup costs. So in addition to an SBA loan, the entrepreneur will also have to find additional funding elsewhere, including family and friends, and even private investors to fill the needed startup gap.
Conclusion
Looking for funding for a new business does not need to be a tedious and exhaustive process. By exploring different options, new business owners will find a solution to their funding problems. Through the consultation of existing business owners and by obtaining resources from the Small Business Administration, the entrepreneur can find novel ways to get their new business going in the right direction.
Sunday, July 25, 2010
Funding Opportunities for Your New Business
Funding opportunities are available for anyone looking to start a new business. With so many options available to find startup capital for your new business, it can be a stressful journey seeing your new business get off of the ground. One of the most important things to have when looking for funding opportunities is to have a well thought out business plan available. This will help you explain the concept of your new business and also be able to give any interested creditors or investors the necessary information they may require. Startup capital can be obtained from several different options and it is beneficial to research these funding opportunities to see what is best for you. Some people go with finding startup capital from their friends and family members.
The only drawback to this relationship is it can cause strain on your relationships with these people. If you do decide to raise startup capital for your new business this way, make sure it is a professional agreement with the payment schedule and interest rate explicitly clear. You can also explore the funding opportunities available at your local bank. When you visit the bank for startup capital you will need to ensure you have a well thought out business plan available to refer to. The bank will need to know your new business will be able to generate enough revenue so you are able to pay the monthly loan payments. It is important to be fully prepared when visiting the bank since they each may have different requirements
There are many options available when looking at funding opportunities. It is important to be fully prepared and have a quality business model available to answer any questions. By doing your research before hand, you will soon be working at your new business.
The only drawback to this relationship is it can cause strain on your relationships with these people. If you do decide to raise startup capital for your new business this way, make sure it is a professional agreement with the payment schedule and interest rate explicitly clear. You can also explore the funding opportunities available at your local bank. When you visit the bank for startup capital you will need to ensure you have a well thought out business plan available to refer to. The bank will need to know your new business will be able to generate enough revenue so you are able to pay the monthly loan payments. It is important to be fully prepared when visiting the bank since they each may have different requirements
There are many options available when looking at funding opportunities. It is important to be fully prepared and have a quality business model available to answer any questions. By doing your research before hand, you will soon be working at your new business.
Using Bank Loans to Fund Your New Business
For an entrepreneur, raising capital for a new business can be as easy as picking up the telephone and calling a wealthy relative for money or as tedious as applying for federal and state grants. While each option certainly has its pros and cons, the entrepreneur should conduct a fair amount of research to make sure that the selected choice(s) is/are appropriate for his/her unique situation.
Small business bank loans
Some people may choose to obtain commercial bank loans to fund their small businesses. While this may seem like a good idea to raise the needed capital, one must not rely solely on a bank loan to cover all expenses for a start up since most start-ups require additional amounts of money to sustain. The borrower should also keep in mind that a monthly payment schedule and maintenance fees are required almost immediately. Guidelines may differ from bank to bank; however, there are certain standards that all banks abide by when approving an applicant for a small business loan.
1. Referrals
Entrepreneurs will often select a financial institution they normally do business with or have had some business tie with in the past. It is always a good idea for a new business owner to select a bank which they have already had an existing relationship with. If none exists, then local businesses, attorneys, and accountants are other good resources for a lender referral. If these contacts have had strong business relationships with the lenders, then the entrepreneur will have a better chance of obtaining the needed funding. If for any reason the entrepreneur has doubt that a bank will respond favorably on his/her behalf, then they should request funding from other banks where they may have a better standing.
2. Credit history
One’s credit history is extremely significant for small business loan approval. Financial institutions often rely on an applicant’s solid credit rating as the basis for the acceptance of a small business bank loan. If an entrepreneur has stellar credit and a great business history with a bank, then his/her chances of receiving funding can be strong. However, a poor credit rating will damage the chance for funding. Before approaching a lender, the entrepreneur must first repair their credit history and then proceed with the application process in order to be considered for a bank loan.
3. Business plan
Another important piece of the criteria for entrepreneur to successfully obtain small business loans from their banks is to present their business plan to the prospective lending officials. The business plan has to be documented on paper since it is ineffective and not enough to remember every aspect of a plan through recall. By organizing and documenting one’s business ideas, company objectives, and financial forecasts for easy accessibility, the entrepreneur will show their prospective lenders they are serious about obtaining a loan and have properly planned their new venture accordingly. Presenting a well-detailed business plan can certainly increase one’s chances of raising capital through a bank loan.
4. Prospective customers
In addition to credit history, referrals, and the presentation of a business plan, the new business owner should also provide the lending officials with prospective customers who are willing to purchase their products and services. By having gathered a considerable amount of consumers, the entrepreneur will show the bank’s lending officials that the business has the chance to succeed and that they will be able to pay back all owed loan debt.
5. Backup plan
Entrepreneurs will often be rejected multiple times for bank loans before one financial lender may approve them. While the concept of rejection can be extremely difficult to bear, new business owners should be persistent in their funding quest. They should ask lending officials the key components behind the loan denial, learn from those results, and mend any issues before approaching the next lender. In addition, they should implement an alternative plan to raise the needed capital if they are not able to obtain a commercial bank loan. Lenders may ask the applicant their alternative strategy, and rather than show discouragement, the entrepreneur should exude confidence in their business ideas and in their goal to obtain funding.
Conclusion
Obtaining a bank loan for startup capital is a great way of running a new business through a reputable company. If an entrepreneur is serious about their business ideas and utilizing ways to market those ideas, then it would be very beneficial to get funding from a local bank. While certain restrictions may apply, most business owners who qualify will have the advantage of utilizing those funds immediately for their new business endeavor. One downside of commercial bank loans is the fact that a solid credit history is required for consideration. In addition, high monthly payments with interest and maintenance fees may be costly, especially for a young company that has not yet established a solid track record of financial success.
Small business bank loans
Some people may choose to obtain commercial bank loans to fund their small businesses. While this may seem like a good idea to raise the needed capital, one must not rely solely on a bank loan to cover all expenses for a start up since most start-ups require additional amounts of money to sustain. The borrower should also keep in mind that a monthly payment schedule and maintenance fees are required almost immediately. Guidelines may differ from bank to bank; however, there are certain standards that all banks abide by when approving an applicant for a small business loan.
1. Referrals
Entrepreneurs will often select a financial institution they normally do business with or have had some business tie with in the past. It is always a good idea for a new business owner to select a bank which they have already had an existing relationship with. If none exists, then local businesses, attorneys, and accountants are other good resources for a lender referral. If these contacts have had strong business relationships with the lenders, then the entrepreneur will have a better chance of obtaining the needed funding. If for any reason the entrepreneur has doubt that a bank will respond favorably on his/her behalf, then they should request funding from other banks where they may have a better standing.
2. Credit history
One’s credit history is extremely significant for small business loan approval. Financial institutions often rely on an applicant’s solid credit rating as the basis for the acceptance of a small business bank loan. If an entrepreneur has stellar credit and a great business history with a bank, then his/her chances of receiving funding can be strong. However, a poor credit rating will damage the chance for funding. Before approaching a lender, the entrepreneur must first repair their credit history and then proceed with the application process in order to be considered for a bank loan.
3. Business plan
Another important piece of the criteria for entrepreneur to successfully obtain small business loans from their banks is to present their business plan to the prospective lending officials. The business plan has to be documented on paper since it is ineffective and not enough to remember every aspect of a plan through recall. By organizing and documenting one’s business ideas, company objectives, and financial forecasts for easy accessibility, the entrepreneur will show their prospective lenders they are serious about obtaining a loan and have properly planned their new venture accordingly. Presenting a well-detailed business plan can certainly increase one’s chances of raising capital through a bank loan.
4. Prospective customers
In addition to credit history, referrals, and the presentation of a business plan, the new business owner should also provide the lending officials with prospective customers who are willing to purchase their products and services. By having gathered a considerable amount of consumers, the entrepreneur will show the bank’s lending officials that the business has the chance to succeed and that they will be able to pay back all owed loan debt.
5. Backup plan
Entrepreneurs will often be rejected multiple times for bank loans before one financial lender may approve them. While the concept of rejection can be extremely difficult to bear, new business owners should be persistent in their funding quest. They should ask lending officials the key components behind the loan denial, learn from those results, and mend any issues before approaching the next lender. In addition, they should implement an alternative plan to raise the needed capital if they are not able to obtain a commercial bank loan. Lenders may ask the applicant their alternative strategy, and rather than show discouragement, the entrepreneur should exude confidence in their business ideas and in their goal to obtain funding.
Conclusion
Obtaining a bank loan for startup capital is a great way of running a new business through a reputable company. If an entrepreneur is serious about their business ideas and utilizing ways to market those ideas, then it would be very beneficial to get funding from a local bank. While certain restrictions may apply, most business owners who qualify will have the advantage of utilizing those funds immediately for their new business endeavor. One downside of commercial bank loans is the fact that a solid credit history is required for consideration. In addition, high monthly payments with interest and maintenance fees may be costly, especially for a young company that has not yet established a solid track record of financial success.
Tuesday, March 16, 2010
Small and Medium Enterprises – What Works? What Doesn’t?
Development economists are obsessed with SMEs. And for good reason: employment in SMEs – defined as enterprises with up to 250 employees – constitutes over 60 percent of total employment in manufacturing in many countries. A large SME sector is also a characteristic of rapidly growing economies (although researchers are more skeptical of the claim that “SMEs are the engine of growth”). Also, few disagree that SMEs face greater constraints to their growth than large firms. Not only does access to finance rank high among these constraints, but it also has a proportionally greater impact on SME growth.
Constraints
All these facts suggest SMEs deserve policymakers’ attention, but there are many questions about the efficacy of pro-SME policies in different areas. In reviewing research findings, I’ve grouped these areas roughly under four headings: institution building, financial development, interim solutions, and directed government interventions.
Institution Building
First, findings emphasize the importance of strengthening the underlying institutions and investment climate for all firms, instead of focusing on and subsidizing SMEs. In other words, splitting big firms into small firms or subsidizing small firms will not lead to faster growth, unless more fundamental reforms are undertaken to address the underlying reasons for the inability of firms to fulfill their growth potential. Information asymmetries are an important reason why small firms with potentially profitable growth opportunities find it difficult to access finance. These are likely to be overcome through the development of credit bureaus and better information sharing.
And it is not only firm growth that is hampered by weaknesses in investment climate – the entry of new firms also takes a hit. Indeed, bureaucratic entry regulations manage both to impede entry and also negatively affect the growth and size of incumbent firms. Similarly, individuals are more likely to become entrepreneurs and they are more likely to reinvest their profits if the institutional environment is favorable.
Financial Development
Second, both firm-level and industry-level studies suggest that small firms do relatively better compared to large firms in countries with better-developed financial institutions. With financial development, small firms grow faster since their financing constraints are relaxed to a greater extent. Furthermore, industrial sectors that naturally should have a disproportionately large number of small firms also grow faster with greater financial development, suggesting that it is the small firms that benefit the most.
The lack of well-functioning financial markets is compounded by underdeveloped legal systems, which make it very difficult for firms to grow to their optimal size since outside investors cannot trust that they will not be taken advantage of. This tends to limit firm size. This is important for SME-promotion strategies since if it is optimal for firms to stay small in countries with underdeveloped institutions, simply subsidizing SMEs may be at best ineffective, but at worst, counterproductive.
A contestable financial system makes it more likely that banks go downstream and seek out new ways to serve the smaller firms. Foreign banks have generally played an important role in facilitating this process, whereas public banks have been less useful in the past. Furthermore, contrary to conventional wisdom, it is not only the smaller, niche banks that serve the SMEs. Large banks – both domestic and foreign – also pursue SME business aggressively, including extending loans to the smallest businesses through the use of hard information-based technologies as well as relationship lending.
Interim Solutions
Third, although improving institutions and the investment climate is probably the most effective way of relaxing the growth constraints SMEs face, institution building is a long term process. In the interim, embracing innovative lending technologies and promoting competition may provide market-friendly solutions to the problem. Technologies such as factoring are particularly promising in the interim since they rely on institutions to a lesser extent. However, other technologies such as credit-scoring and leasing can also be useful for relaxing the financing constraints of SMEs, and their use would improve with the development of institutions over time. These technologies will be adopted more rapidly in contestable financial systems open to foreign entry.
Directed Government Interventions
What about direct government interventions in improving access to finance for SMEs? Unfortunately the scope for these tend to be more limited than often believed. In general, experience with direct and directed lending programs have not been successful. More recently, the direct intervention mechanism of choice for SME lending has been the government-backed partial credit guarantee programs. Although more than half of all countries around the world have some form of credit guarantee scheme, rigorous evaluation of these schemes is still rare. Available evidence suggests these programs can be more costly in budgetary terms than expected, and their performance can be improved by careful design. Nevertheless, in the absence of thorough evaluations, the net effect in terms of cost-benefit terms remains unclear.
So we need much more analysis, case studies, innovative thinking to level the playing field for SMEs. Focusing on building institutions that are important for SMEs’ access, continuing the search for financial tools that can circumvent institutional deficiencies, and experimentation with different approaches hold promise.
Constraints
All these facts suggest SMEs deserve policymakers’ attention, but there are many questions about the efficacy of pro-SME policies in different areas. In reviewing research findings, I’ve grouped these areas roughly under four headings: institution building, financial development, interim solutions, and directed government interventions.
Institution Building
First, findings emphasize the importance of strengthening the underlying institutions and investment climate for all firms, instead of focusing on and subsidizing SMEs. In other words, splitting big firms into small firms or subsidizing small firms will not lead to faster growth, unless more fundamental reforms are undertaken to address the underlying reasons for the inability of firms to fulfill their growth potential. Information asymmetries are an important reason why small firms with potentially profitable growth opportunities find it difficult to access finance. These are likely to be overcome through the development of credit bureaus and better information sharing.
And it is not only firm growth that is hampered by weaknesses in investment climate – the entry of new firms also takes a hit. Indeed, bureaucratic entry regulations manage both to impede entry and also negatively affect the growth and size of incumbent firms. Similarly, individuals are more likely to become entrepreneurs and they are more likely to reinvest their profits if the institutional environment is favorable.
Financial Development
Second, both firm-level and industry-level studies suggest that small firms do relatively better compared to large firms in countries with better-developed financial institutions. With financial development, small firms grow faster since their financing constraints are relaxed to a greater extent. Furthermore, industrial sectors that naturally should have a disproportionately large number of small firms also grow faster with greater financial development, suggesting that it is the small firms that benefit the most.
The lack of well-functioning financial markets is compounded by underdeveloped legal systems, which make it very difficult for firms to grow to their optimal size since outside investors cannot trust that they will not be taken advantage of. This tends to limit firm size. This is important for SME-promotion strategies since if it is optimal for firms to stay small in countries with underdeveloped institutions, simply subsidizing SMEs may be at best ineffective, but at worst, counterproductive.
A contestable financial system makes it more likely that banks go downstream and seek out new ways to serve the smaller firms. Foreign banks have generally played an important role in facilitating this process, whereas public banks have been less useful in the past. Furthermore, contrary to conventional wisdom, it is not only the smaller, niche banks that serve the SMEs. Large banks – both domestic and foreign – also pursue SME business aggressively, including extending loans to the smallest businesses through the use of hard information-based technologies as well as relationship lending.
Interim Solutions
Third, although improving institutions and the investment climate is probably the most effective way of relaxing the growth constraints SMEs face, institution building is a long term process. In the interim, embracing innovative lending technologies and promoting competition may provide market-friendly solutions to the problem. Technologies such as factoring are particularly promising in the interim since they rely on institutions to a lesser extent. However, other technologies such as credit-scoring and leasing can also be useful for relaxing the financing constraints of SMEs, and their use would improve with the development of institutions over time. These technologies will be adopted more rapidly in contestable financial systems open to foreign entry.
Directed Government Interventions
What about direct government interventions in improving access to finance for SMEs? Unfortunately the scope for these tend to be more limited than often believed. In general, experience with direct and directed lending programs have not been successful. More recently, the direct intervention mechanism of choice for SME lending has been the government-backed partial credit guarantee programs. Although more than half of all countries around the world have some form of credit guarantee scheme, rigorous evaluation of these schemes is still rare. Available evidence suggests these programs can be more costly in budgetary terms than expected, and their performance can be improved by careful design. Nevertheless, in the absence of thorough evaluations, the net effect in terms of cost-benefit terms remains unclear.
So we need much more analysis, case studies, innovative thinking to level the playing field for SMEs. Focusing on building institutions that are important for SMEs’ access, continuing the search for financial tools that can circumvent institutional deficiencies, and experimentation with different approaches hold promise.
Can Informal Finance Substitute for Formal Finance?
A couple of years ago, at a meeting of World Bank financial sector experts, one of the Vice Presidents at the time challenged me by saying, “You always talk about the importance of the financial sector for development, and emphasize we need to prioritize financial sector reforms, but just look at China. It is doing very well without a well functioning financial system.”
This struck a chord. I had also recently seen an academic paper making more or less the same point, that China is one of the fastest-growing economies in the world despite weaknesses in its formal banking system. Of course there is a large literature on finance which shows that development of formal financial institutions is associated with faster growth and better resource allocation. It has also long been recognized that informal financial systems play a complementary role in developing countries, typically consisting of small, unsecured, short-term loans restricted to rural areas, agricultural contracts, households, individuals, or small entrepreneurial ventures.
There is even a direct parallel in developed countries called angel finance, where high-net-worth individuals—“angel investors”—provide initial funding to young firms with modest capital needs until they are able to receive more formal venture capital financing. But informal finance substituting for formal finance? Conventional wisdom has always been that this is not likely since informal monitoring and enforcement mechanisms are generally ill equipped for scaling up and meeting the needs of the higher end of the market.
But more and more frequently, China was being brought up as an example to support the contention that the reform of formal financial systems is a low priority. The fast growth of Chinese private sector firms was seen as evidence that what supports China’s growth is alternative financing and governance mechanisms. Some even thought this was enough to ignore financial systems and move straight on to other development priorities in designing reform programs. We had to do more research to understand better…
My co-authors Max, Meghana and I started doing this by using the World Bank’s detailed, firm-level enterprise survey data on 2,400 Chinese firms. We wanted to investigate which of two views is consistent with the operation of the informal financial sector in China:
1. Is the informal financial sector associated with high growth and profit reinvestment, and does it serve as a substitute for the formal financial system?
2. Or does the informal sector primarily serve the lower end of the market?
We find that in China the use of bank financing by private firms is comparable to that in other developing countries, but the breakdown of nonbank financing sources shows greater differences (see table below). Unlike firms in other countries, Chinese firms in our sample do rely on a large informal sector and alternative financing channels, which could well be the large underground lending in China.
Financing
Nevertheless we see that it is financing from formal bank sources that is positively associated with firm growth and reinvestment. Contrary to earlier findings, fund-raising from informal channels is not associated with faster firm growth. Interestingly, while we find that the majority of firms that receive bank loans grow faster as a result, there is a subpopulation of firms that do not. These are the firms that report it was government’s help that allowed them to obtain the bank loan in the first place. These firms do not show faster growth, higher reinvestment, or greater productivity, unlike firms getting bank loans without government help. Of course these results do not make China an exception to the growth and finance literature. Far from it, they are also very consistent with previous work showing the disadvantages of government owned banks.
Overall, the conclusion is quite clear: even in fast-growing economies like China where the formal financial system serves only a small part of the private sector because of a poorly developed financial and legal system, external finance from the formal financial system is associated with faster growth and higher profit reinvestment rates for the firms that receive it. We find no evidence that alternative financing channels are associated with higher growth. So reputation- and relationship-based informal financing and governance mechanisms are likely to play a limited role in supporting the growth of private sector firms and unlikely to substitute for formal mechanisms. These results underline – once again – not only the importance of formal finance in the development process, but the urgency in carrying out financial sector reforms where financial systems are poorly developed.
This struck a chord. I had also recently seen an academic paper making more or less the same point, that China is one of the fastest-growing economies in the world despite weaknesses in its formal banking system. Of course there is a large literature on finance which shows that development of formal financial institutions is associated with faster growth and better resource allocation. It has also long been recognized that informal financial systems play a complementary role in developing countries, typically consisting of small, unsecured, short-term loans restricted to rural areas, agricultural contracts, households, individuals, or small entrepreneurial ventures.
There is even a direct parallel in developed countries called angel finance, where high-net-worth individuals—“angel investors”—provide initial funding to young firms with modest capital needs until they are able to receive more formal venture capital financing. But informal finance substituting for formal finance? Conventional wisdom has always been that this is not likely since informal monitoring and enforcement mechanisms are generally ill equipped for scaling up and meeting the needs of the higher end of the market.
But more and more frequently, China was being brought up as an example to support the contention that the reform of formal financial systems is a low priority. The fast growth of Chinese private sector firms was seen as evidence that what supports China’s growth is alternative financing and governance mechanisms. Some even thought this was enough to ignore financial systems and move straight on to other development priorities in designing reform programs. We had to do more research to understand better…
My co-authors Max, Meghana and I started doing this by using the World Bank’s detailed, firm-level enterprise survey data on 2,400 Chinese firms. We wanted to investigate which of two views is consistent with the operation of the informal financial sector in China:
1. Is the informal financial sector associated with high growth and profit reinvestment, and does it serve as a substitute for the formal financial system?
2. Or does the informal sector primarily serve the lower end of the market?
We find that in China the use of bank financing by private firms is comparable to that in other developing countries, but the breakdown of nonbank financing sources shows greater differences (see table below). Unlike firms in other countries, Chinese firms in our sample do rely on a large informal sector and alternative financing channels, which could well be the large underground lending in China.
Financing
Nevertheless we see that it is financing from formal bank sources that is positively associated with firm growth and reinvestment. Contrary to earlier findings, fund-raising from informal channels is not associated with faster firm growth. Interestingly, while we find that the majority of firms that receive bank loans grow faster as a result, there is a subpopulation of firms that do not. These are the firms that report it was government’s help that allowed them to obtain the bank loan in the first place. These firms do not show faster growth, higher reinvestment, or greater productivity, unlike firms getting bank loans without government help. Of course these results do not make China an exception to the growth and finance literature. Far from it, they are also very consistent with previous work showing the disadvantages of government owned banks.
Overall, the conclusion is quite clear: even in fast-growing economies like China where the formal financial system serves only a small part of the private sector because of a poorly developed financial and legal system, external finance from the formal financial system is associated with faster growth and higher profit reinvestment rates for the firms that receive it. We find no evidence that alternative financing channels are associated with higher growth. So reputation- and relationship-based informal financing and governance mechanisms are likely to play a limited role in supporting the growth of private sector firms and unlikely to substitute for formal mechanisms. These results underline – once again – not only the importance of formal finance in the development process, but the urgency in carrying out financial sector reforms where financial systems are poorly developed.
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