More loans for technology investments - Collateral, among the main obstacles to loan approval
Most businesses take out loans to make investments in technology. Similar to foreign companies, Albanian businesses have recently been driven by innovation and technology improvement, as new machines and equipment can reduce costs in the long term and shorten the time of various work processes.
According to a survey conducted by the Investment Council with businesses and banks, large companies are more likely to focus on technology and real estate, while micro, small and medium enterprises prioritize operational needs and innovation.
If we analyze the use of credit according to sectors, it can be observed that enterprises that focus on tourism mainly require financing for new constructions, while the construction sector focuses on financing inventory and technology. Also, the industrial and agricultural sectors require financing from banks for technology, inventory and the development of new business ideas.
But what are the problems faced by businesses in lending?
Both from the point of view of banks and from that of businesses, collateral continues to remain the main obstacle for the approval of a loan.
According to banks, issues with property registration, for example delays in renewing ownership certificates, unclear official response regarding completion of documentation, lack of collateral, high levels of overdue loans, double figures in financial reporting and education insufficient financial resources, hinder the growth of credit for micro, small and medium enterprises.
On the other hand, interest rates, collateral and transparency are considered key critical factors that influence lending decisions from the point of view of businesses.
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