Mumbai, May 22 (KNN) There is huge gap in demand for credit by Micro, Small and Medium Enterprises (MSMEs) and loans given by the banks.

This was said by James Pattison, Chief of Staff CreditEnable London at an event organised by CreditEnable Mumbai and team CAIT Nagpur on financial health clinics.

Speaking on the occasion National President of the Confederation of all India Traders ( CAIT), BC Bhartia, said that need-based and timely finance are necessary for MSMEs.

In order to become eligible for need based cheap finance, it is necessary that annual financial statements are analysed. Such financial clinic helps MSMEs, he added.

“Financial health clinic is a pathology report based on the financial statements of MSME sector. It diagnosis the week financial parameters of an enterprise, which helps the entrepreneur and professionals take timely corrective measures," he added.

He asserted that it is necessary to review cost of borrowing funds.