7 in 10 local SMEs source capital from savings, family and friends: report

SMEs spend mostly on inventory and supplies.

Seven in 10 SMEs in Singapore rely on startup capital from savings, family, and friends, according to a report by Funding Societies, a unified SME digital finance platform.

The report also found that SMEs’ biggest expense is on inventory and supplies (35%).

To pay for these expenses, SMEs either opt for bank transfers (89%),  use credit/debit…