C2FO shapes inclusive sustainability road map for global economic growth
New Delhi (India), September 7: C2FO, the world’s on-demand working capital platform, is proud to announce its collaboration with the Business 20 (B20) and inclusion in a major policy paper published at the 2023 B20 meeting in New Delhi, India. The B20 is the official dialogue forum between the global business community and the G20, the key forum for intergovernmental leaders around the globe. The paper addresses the challenges micro, small and medium-sized enterprises (MSMEs) face in accessing working capital and provides global leaders with actionable recommendations for achieving sustainability targets with inclusive long-term employment and economic growth.
This initiative was led by the vice-chair of the Business at OECD (BIAC) Finance Committee, Gianluca Riccio, CFA, with guidance from other leaders across the private and public sectors globally. This is the second consecutive year that a major policy paper from the B20 highlights C2FO’s platform as a critical solution for the biggest challenges faced by MSMEs and the global economy.
“The importance of MSMEs to the global economy cannot be overstated, and it’s incredibly important to see both the challenges and solutions being addressed in this global forum,” said Alexander “Sandy” Kemper, C2FO’s founder and CEO. “We work hand in hand with MSMEs, and increasingly with governments, around the world every day to address the need for working capital to drive economic growth and prosperity, and we’ve seen the power of solutions, like ours, that work. As the paper’s recommendations are incorporated, the global economy will benefit.”
The paper highlights several global studies that show the pivotal role working capital plays in fostering economic growth and job creation. A recent study from the Bank of Italy suggests that increasing working capital could lead to a boost of 0.5% to 0.7% in economic growth. Similarly, a 2022 McKinsey Global Institute study commissioned by C2FO found that Mexico could experience a 1.1% growth in its gross domestic product (GDP) by implementing a working capital platform on a national scale. According to an International Finance Corporation study, $1 million in funding to small and medium enterprises (SMEs) is connected to the creation of 16.3 permanent jobs on average.
C2FO’s impact on MSMEs goes far beyond research, however. The tangible impact of working capital programs is evident through the $300 billion in funding C2FO has provided to businesses worldwide since its founding, a milestone it achieved in July 2023. In the past three years, more than $25 billion of that low-cost working capital went to nearly 30,000 businesses in 41 countries categorized by the United Nations as “economies in transition.”
“We are dedicated to solving the challenges MSMEs face in every country,” said C2FO’s head of India, Basant Kaur. “As a key demonstration of our National Platforms for Working Capital initiative, last year C2FO received an In-principle approval from the Reserve Bank of India to become an official trade receivables discounting system (TReDS). Our customers and the nearly 200,000 suppliers on our platform in India know that when they partner with C2FO, they are working with a recognized global leader dedicated to creating opportunity for businesses.”
In addition to C2FO’s work with the B20, the company is an active member of the SME Finance Forum. As a member of this global network, C2FO engages in dialogue about policy changes to promote SME financing worldwide. Kemper will speak on Sept. 12 during the organization’s premier conference in Mumbai, India, focusing on the role of digital platforms in SME financing.
C2FO remains committed to ensuring every business has access to the capital it needs to thrive. To learn more, visit c2fo.com.
About C2FO
C2FO is the world’s on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to nearly 2 million businesses worldwide. Using patented Name Your Rate® technology and a suite of working capital solutions, companies can get paid sooner by the world’s largest enterprises — unlocking billions in risk-free capital. With a mission of ensuring that every business has the capital needed to thrive, C2FO has delivered more than $300 billion in funding around the world. Founded in 2008 and headquartered in Kansas City, USA, with offices around the globe, C2FO is working to build a better, more inclusive financial system every day. To learn more, visit C2FO.com.
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Divya Agarwal
