A portal to compare the funding options available to small and medium sized enterprises (SMEs) has launched in South Africa.

Fincheck launched earlier this year as a financial comparison website for consumers, and added the Fincheck Business tool in September of this year.

Through to tool SMEs are able to compare different loan products, which include asset finance, invoice discounting, and unsecured loans. The businesses can also choose between the providers.

Michael Bowren, Fincheck’s chief executive officer, said that this was needed in order to improve access to funding for SMEs.

Speaking to IT News Africa, Bowren said: “SMEs are supposed to be the drivers of South Africa’s economy, but the hurdles they face when it comes to accessing not only finance, but reliable information about finance, are significant.”

According to Bowren, the use of personal loans to finance businesses is widespread in South Africa, due, he argues, to a lack of awareness about funding options.

Bowren said: “With Fincheck Business, we want to provide accurate information about accredited and credible providers so SMEs can make an informed decision about the most appropriate financing option for their business.”