What is Foxytrade?
Foxytrade Mission – to remove barriers and borders to grant the less developed countries access to financial recourses We will address the daily needs of average individuals and entrepreneurs, opening up decentralized access to finances on the terms convenient to both parties, and not to a financial bank entity or any other intermediary. Majority of challenges facing society are being solved as follows: • Population consumes, demands what is needs; • Trading and manufacturing turnover grows; • New jobs are created. In Russia, and many other countries, financial entities such as banks rarely lend to SMEs (small and medium-sized businesses).
Banks take a pawnshop attitude toward SMEs, i.e. loans are given only if there is a bail that exceeds the body of a loan. The number of bails is strictly limited: in general, real estate or securities are accepted at the exchanges. Therefore, SMEs are willing to take loans in accordance with the rates higher than the bank ones instead of the possibility of receiving money. In the Russian the lending market, SMEs are claiming annual rates at about 19%, but give 90% of the loans to large companies only. As a result, annual rates of 20-35% have emerged in the P2P lending market, and there is an excess of unmet demand by the investors and borrowers.