The year 2020 has been a watershed moment for the Indian micro, small and medium enterprise (MSMEs), which has accelerated their growth in digital transformation.
Aug 27, 2021
By: kritti.bhalla@timesinternet.in
Credit: Image by lifesecret from Pixabay
The year 2020 has been a watershed moment for the Indian micro, small and medium enterprise (MSMEs), which has accelerated their growth in digital transformation.
Credit: Image by evelyneviret from Pixabay
Several Indian private and state-owned companies have started to take notice of this segment over the last year and a half, and have rolled out several financial programmes to support these businesses.
Credit: Image by Nattanan Kanchanaprat from Pixabay
Lending company Indifi has partnered with Facebook to offer collateral-free digital loans to SMBs across 200 cities. These loans would range anywhere from ₹5 lakh to ₹50 lakh at a 17-20 percent interest rate.
Credit: Image by Firmbee from Pixabay
Last month, fintech company InCred partnered with Amazon to offer working capital of upto ₹50 lakh to sellers and retailers listed on the ecommerce platform.
Credit: Image by Simon from Pixabay
MSME-focused lending platform FlexiLoans plans to disburse loans to over 50,000 small businesses listed on Google Pay in the next 12 months.
Credit: Image by Simon from Pixabay (1)
The US Agency for International Development (USAID) and the US International Development Finance Corporation (DFC) will jointly sponsor $50 million loan portfolio guarantee to Kotak Mahindra Bank to support women entrepreneurs and MSMEs.
Credit: BCCL
The Indian government’s e-commerce platform, Government e-Marketplace (GeM), launched a mobile app called ‘Gem Sahay’ to offer business loans to sellers.
Credit: Canva
BSE-listed U GRO, Bank of Baroda will offer loans ranging between ₹50 lakh to ₹2.5 crore to small businesses at an interest rate starting from 8 percent. The loan will be for a tenure of 120 months.
Credit: Bank of Baroda
After approving a $750 million financing plan for pandemic-hit MSMEs last year, the World Bank further approved a $500 million plan to finance Indian small businesses this year. The latest plan aims to improve performance of 5.55 lakh MSMEs.
Credit: Canva/WorkBank
YES Bank launched a ‘YES MSME’ initiative earlier this year to offer speedy and easy access of funds to small businesses in India.
Credit: BCCL
Earlier in May, e-commerce giant Flipkart expanded the benefits of its Flipkart Growth Capital to raise credit from less than ₹5 lakh to ₹5 crore. It offers loans within 24 hours at a 9 percent interest rate.
Credit: BCCL