On top of sluggish global demand and slow pace of policy framework improvement, the micro, small and medium enterprises have been hit hard by the demonetization. In a bid to provide some solace to the MSMEs, apex industry association Assocham has come up with a web portal that assists in easy credit.
The website www.myloanassocham.com will help the small and medium enterprises seek and find solutions to their credit requirements by directly logging on. All they are needed to do is register their fund requirements along with all company details, which will be circulated, to banks.
After duly evaluating the proposal, Assocham would forward them to the banks for possible loan approvals, thus reducing the time that most MSME owners waste in doing the rounds of banks and other financial institutions.
The new portal will help both MSMEs as well as the banks who are sitting on huge funds due to the demonetization program of the government. With Assocham doing the preliminary screening, the process would be simplified for both the banks as well as the MSMEs.
This would reduce the work of banks and also that of the MSMEs who would benefit from the expertise of the industry association, says B H Anil Kumar, Joint Secretary in the Ministry of Micro, Small and Medium Enterprises. The portal was launched in Hyderabad late last week.