Bank of Baroda signs MoU with 10 companies to promote MSMEs, improve access to finance
New Delhi, July 21 (KNN) Bank of Baroda has entered into agreements with 10 companies from sectors such as e-commerce, logistics, service providers etc to promote micro and small business entrepreneurs (MSMEs).
Flipkart, Uber, Swiggy are amongst the companies with which MoUs have been signed.
There are specific agendas for signing MoUs with different companies.
With Flipkart the MoU aims to offer collateral free working capital loan to merchants selling on their platform, with Swiggy it aims to help finance two-wheelers for its driver partners, and Xpressbees, Carzonrent, with Uber it aims financing cars, three-wheelers buys and refinancing driver partners and from the old economy DICCI, Lava and three others.
These MoUs with will help boost the MSME eco-system and at the same time help improve access to finance for them from early to growth stage, the bank said.
As of March 2018, the bank has financed about 5.37 lakh micro entrepreneurs with aggregate outstanding of Rs 32,766 crore.