To drive sellers on board, eCommerce majors including Flipkart, Snapdeal, Amazon and eBay are partnering with non-banking lenders for extending loans to those keen to sell products through these online marketplaces.
Several non-banking finance companies (NBFCs) like Capital Float, NeoGrowth and Capital First, as well as online finance companies such as Lendingkart and loan facilitators like SMEcorner, are partnering with digital commerce players to offer sellers quick and hassle free loans.
Commenting on the scenario, SMEcorner Founder and Chief Executive Samir Bhatia stated, “Small businesses struggle to get loans. With eCommerce becoming more mainstream, it is encouraging several entrepreneurs to set up businesses online.”
SMECorner has entered into a partnership with Snapdeal, Flipkart, eBay, Paytm, among other eCommerce players to play a catalyst role to secure easier loans for sellers. Also, it works with several leading NBFCs.
As per a recent study by the Union MSME ministry, only 6% of small businesses get finance from organised lenders, indicating how difficult it is for small businesses to get loans.
In the beginning of this year, both Flipkart and Amazon had confirmed that their aim was to increase the number of sellers on their platforms to 1 lakh each, by the end of the year, reports ET.