The Confederation of All India Traders (CAIT) has partnered with CreditEnable, a global credit insights and technology company, to help traders access affordable finance from banks and non-bank finance companies.
The partnership will focus on providing education and digital tools that help traders improve their creditworthiness and ability to access affordable business loans from banks and other lenders.
Small and medium sized companies often are not aware of simple steps they can take to access the relatively low interest rates offered by banks and other non-bank financial companies. This regularly leads to businesses seeking finance from alternative or informal lenders who can often charge high rates, impacting the viability of the business.
CAIT and CreditEnable have come together to address this problem by equipping traders with knowledge the lending market and processes, and how to successfully meet the lending criteria and financial reporting requirements of banks and other formal lenders. Businesses are provided with practical and easy-to-use tools that support them in obtaining lower cost finance to support their investment needs.
Speaking on the occasion, Nadia Sood, Global CEO CreditEnable said, “We are delighted to partner with CAIT on this important initiative. We believe there is an enormous opportunity for 70 million Indian traders to access cheaper finance to invest in, and grow,their businesses, and we are delighted to be able to support them, along with CAIT, with this goal.”
Akbar Khan, India CEO CreditEnable added, “ While there is a considerable supply of credit available to the trading community there is an expectation gap between what financial information lenders require and what the trading community is able to provide. The partnership between CAIT and CreditEnable will work towards bridging this gap.”
B.C Bhartia, President CAIT and Praveen Khandelwal, General Secretary, CAIT added, “It is imperative that small businesses and traders move away from a reliance on informal finance which comes at very high cost. Correct financial reporting and digitization are critical changes that need to be embraced by traders. Our partnership with CreditEnable will provide traders with the tools to improve their creditworthiness and access to better terms on financing.”