New digital banks eye underserved micro enterprises, SMEs
They are likely to target businesses in emerging areas such as gig economy and e-commerce
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Construction industry veteran Justin Herson recalls how challenging it was to maintain a steady cash flow when he was running his family's business specialising in infrastructure projects.
He took out a few loans, of $200,000 to $250,000 each, from local banks but they were far shy of the $2 million he needed to foot his staff's wages and other costs.
