The rise of ESG offers banks a rare opportunity to draw closer to SMEs and provide them with the products and services they need to transition to the green economy. To capitalize on this opportunity, however, banks will need to change how they do business with SMEs.
Why on earth should I talk to my bank about ESG? That’s the attitude of many small business owners. And with good reason.
Competitors, trade associations and media platforms are the trusted sources of information and help for most small and medium-sized enterprises (SMEs). Banks are where SMEs go for funding.
But SMEs could soon be calling on banks for a lot more than finance. And global environmental, social and governance (ESG) concerns might well be the spur that brings them closer together.
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