Micro, Small and Medium Enterprises (MSMEs) have specifically suffered throughout the pandemic. A survey by SIDBI revealed that the revenue of more than 50% of the MSMEs declined by 25% and that 67% of the MSMEs were shut for three months in FY21. This sector is a facet for entrepreneurship and employment which is why this decline in their progress negatively impacts the upward trend of India’s economy.
Less than 6-10 Million out of over 60 Million MSMEs are able to get loans from formal credit institutions. Traditional banks prefer giving formal credits loans to those requiring a larger sum, for longer periods and those who have the ability to fulfil all requirements for the same, thus, MSMEs are at the end of the list when it comes to getting access to formal credit. Much like most businesses, MSMEs require loans for their daily working capital needs but they constantly face issues securing the same i.e., failure to satisfy the eligibility criteria required by the formal banks, not having adequate technological knowledge, non- existent or inadequate credit scores etc. They often cannot produce a collateral against their loans and usually do not have the proper documentation like the bank statements of previous months, residence proof, property documents etc. This is where cashless B2B digital lending facilitating platforms like Embifi could prove to be beneficial. Considering how most of these businesses are small scale businesses run by family members, speaking only local languages and unaware of the formalities and cumbersome processes, the B2B lending platforms would help with guiding them and providing the technological know- how and assisting in understanding and adapting to the credit analysis methodologies along with other formalities of the lending process.
Given the unrestrained expansion of digital lending (mainly in the retail space) with some players flouting the lending norms, The Reserve Bank of India in its recent guidelines on digital lending laid down the requirements to ensure that the consumer's interests are protected. It is to be noted that the B2B lending platforms strive to make the lending process easier and provide a faster way to loans and it will be much smoother as they would promptly adhere to the RBI guidelines. They understand the situation and circumstances of the MSMEs and help secure their financial needs which would in turn help grow their businesses.
The MSME industry is looking forward to take advantage of the readily available services of the B2B loan facilitating platforms like Embifi and accomplish their working capital requirements to maintain liquidity. Digital lending provides for a way to keep the business running but they would also help the business to grow and help them navigate the constantly changing and dynamic economic environment.
The taboo of taking out loans and constantly worrying about recurring repayments is a common mindset amongst small scale ambitious entrepreneurs however, the positive changes in the lending environment and adapting to the businesses’ ever- changing credit needs is pushing the business owners in the MSME industry to consider and make use of digital lending.
Therefore, it becomes imperative to choose the right platform to assist the MSMEs with their credit needs. Embifi is an online B2B payments and lending platform, providing seamless checkout, financing, lending and payments options to businesses. Contact team Embifi and enjoy hassle-free credit? loan for all your business needs.
Best B2B Wholesale Marketplace in India is Global trade Plaza, We are Leading B2B Global Platform, B2B portal for import export, Global B2B platform, Worldwide b2b marketplace, b2b wholesale marketplace india, b2b export portal, top b2b sites, b2b portal for export, b2b portal for manufacturers, b to b portal in india, top b2b portal in india, top b2b sites in india, best b2b trade websites, leading global b2b platform, top 10 b2b portals in india, b2b clothing suppliers india, b2b global marketplace, b2b trade sites, leading b2b marketplace, largest b2b portal, b2b website for export, top b2b websites, best b2b portal for export business, best b2b websites for agriculture, best online b2b marketplace, top 10 b2b portal india, top 10 b2b sites in india, wholesale business ideas in india, world b2b marketplace, b2b trade marketplace, best b2b sites in india, best b2b websites in india, best b2b websites in india , best b2b portal for export business in india, best wholesale business ideas, b2b trade platform india, best b2b website in india, best wholesale business, india's b2b trading platform, largest b2b marketplace, b2b trading websites, best b2b marketplace in india, b2b platforms in india, best b2b portal in india, b2b business sites india, b2b trade portals, b2b trading platform in india
B2B companies have started to understand the many benefits of digital platforms.
And they have started to become dependent on digital platforms.
But lack of consistency, incorrect platform & many misconceptions can lead to much loss.
Read the blog to understand why companies still unsuccessful with digital platforms.
For more details, Visit at - https://www.saletify.com/b2b-companies-unsuccessful-content-marketing-smo/
Explore the rise of B2B Marketplaces in today’s demanding online market and learn the concept of B2B marketplace, Develop a B2B Marketplace with us and become a part of this growing industry.Know more- https://websoptimization.mystrikingly.com/blog/the-rise-and-concept-of-b2b-marketplaces
