🔎 RESEARCH: SMEs are the backbone of Europe, but banks usually reject them. SME lending in the EU fell 40–50% after Basel III tightened capital rules, then dropped another 12% since 2023. The result is a €39B annual funding shortfall that is filled by non-bank lenders through floating-rate debt that punishes SMEs when rates rise. This opens a real opportunity onchain for retail-accessible SME lending.(Cointelegraph)