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SMEcorner to work with Flipkart to arrange loans for small sellers

Updated: Nov 25, 2014 04:40:32pm
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New Delhi, Nov 25 (KNN)  SMEcorner, an online platform that enables small and medium enterprises to access loans easily from banks and NBFCs has joined hands with mega online store, Flipkart to help organise finance for small sellers.

“Today, there is a huge gap in the SME sector in terms of debt financing.  According to data collected by the International Finance Corporation, 41 per cent of the SMEs in India are financially unserved by any formal institution, leaving a SME financing demand gap of Rs 2.93 trillion. The team at SMEcorner believes that this gap can be reduced by engaging with SME’s and offering assistance through a streamlined online platform,” an official release said.

SMEcorner hopes to bridge the gap, media reports quoted Founder and CEO, SMEcorner.com, Samir Bhatia as saying.

As far as Flipkart’s role is concerned, sellers on the online market place requiring finance will be directed to SMEcorner’s website.

Sellers who wish to avail of the loan can access the Flipkart button on SMEcorner’s website and apply online by filling in details.  Thereafter, a preliminary credit analysis will be carried out to ensure the credit worthiness of the seller after which an application will be sent to partner banks and NBFCs to increase chances of getting a loan.

SMEcorner aims to minimize intermediary risk and extend transparency to the borrowing process, while assisting businesses in fulfilling their financial requirements. The online marketplace, SMEcorner has created gives SMEs easier, faster and more efficient access to resources that can help them grow, expand or finance a project.

SMEcorner.com offers hassle – free loan accessibility options, to help combat challenges of follow–ups, arduous documentation, unprofessional intermediaries etc.  It has tools such as Loan Eligibility Calculator and Loan EMI Calculator.

The online loan platform offers 4 different categories of products: Working Capital Loan, Loan Against Property, Unsecured Business Loan and Loan for Medical Equipment.
In due course, the company intends to team up with other e-commerce sites, B2B portals and SME chambers.

According to media reports, Flipkart has 5,000 sellers on board, of which 50 per cent are SMBs. Having partnered with FISME (Federation of Indian Micro and Small and Medium Enterprises and NCDPD (National Centre for Design and Product Development), Flipkart is looking to attract 50,000 SMBs to sell on its platform by August 2015. (KNN/ES)

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