Instant line of credit top priority of MSMEs
MSMEs cite the lack of their own mode of transport as a critical supply chain challenge.
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Mumbai The majority of micro, small and medium enterprises (MSMEs) feel the instant line of credit and industry networking are the top requirements in the financial services and non-financial services category, a survey said on Monday.
Over 55 per cent of the total MSMEs interviewed said an instant line of credit is their top requirement to accelerate everyday business decisions, as per the 'MSME Sentiment Survey' by fintech Kinara Capital. In addition, 16 per cent of respondents favoured flexible repayment products that will give them the choice to make daily or weekly loan payments or variable loan payments, based on their business turnover for the selected time period, it added.
"There is a growing acknowledgement of the importance of MSMEs and unlocking this sector's full potential will require a personalised approach. Our survey gave MSMEs an opportunity to vocalise their challenges and needs.
"It is a sign that India's small business entrepreneurs are now seeking much more than access to formal credit and want tailored products and services aligned with their growth needs," Kinara Capital founder and CEO Hardika Shah said.
