A new online platform has been set up in India to address the needs of diverse Small and Medium Enterprises, called SMEcorner.com. The company is currently working with Flipkart to arrange finance for its sellers.
The initiative has been taken to address the debt financing gap in the SME sector. “If we look at the data collected by International Finance Corporation (IFC), around 41 percent of the SMEs in India do not have access to bank loans or other related products offered by financial institutions. IFC reports a financing demand gap of INR 2.93 trillion in the SME sector. This is the gap that we aim to target and bridge through our new venture,” said Samir Bhatia, Founder & CEO, SMEcorner.com.
As in case of partnership with Flipkart, when sellers on the online marketplace require financing, they are directed to SMECorner. Sellers can access the Flipkart button on the website and apply for a loan online by filling in details. After a preliminary credit analysis to figure out the seller’s credit-worthiness, an application is sent to partner banks and NBFCs, to increase the chances of getting a loan.
SMEcorner.com offers hassle – free loan accessibility options, to help combat challenges of follow–ups, arduous documentation, unprofessional intermediaries etc. It has tools such as Loan Eligibility Calculator and Loan EMI Calculator.
To begin with, this new setup is offering 4 different categories of products: Working Capital Loan, Loan Against Property, Unsecured Business Loan and Loan for Medical Equipment.
Our objective is to play an important role in contributing to the growth of the country by unearthing the capabilities of the SME sector. With talent and opportunities unfolding, we aim to provide a one-stop–shop with flexible financial solutions for the SME sector,” Mr Bhatia added.