Here's a community-based solution with lessons for every small business – no matter where they operate.
Small businesses in the United States fail at an alarming rate. Half close their doors by year five, and 70 percent by year 10. The No. 1 reason? They run out of money.
Compare that to small businesses in Ecuador and Guatemala, which are diligent about managing finances and have a nearly 100 percent loan repayment rate – with 85 percent of borrowers going on to expand their business.
What’s the secret to their success? Ruchi Shah shares a community-based solution with lessons for every small business.
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