SF and DFID partner CreditEnable, have come up with several new initiatives to support SMEs during the Covid-19 pandemic.
SMEs in emerging markets are particularly vulnerable due to their often having little credit history, collateral or track record, and relying on capital from the informal sector.
CreditEnable, which uses a global technology platform to unlock large scale bank lending, have launched the following initiatives:
- We Move Forward Campaign: An initiative to help SMEs to gauge their business stability and assist them in accessing working capital to meet their business needs
- Business Stability Health Check: A free, fully digital self-assessment tool to help businesses assess their financial health, loan eligibility and provide recommendations to improve
- Sector-focused Targeting: Ambulance loan financing campaigns. CreditEnable understands healthcare is top priority at present and this will extend its support to this sector and help them with affordable financing
- CAIT Conversations: Discussions with its partner, the Confederation of All India Traders (CAIT) on availing finance for SMEs in the Covid and post-Covid scenario.
As well as this, through its “Start Back Up India Campaign” which builds strategic partnerships with several significant players in the Indian market, CreditEnahttps://shellfoundation.org/news/creditenable-enters-strategic-partnership-with-indian-traders-confederation/ble has the potential to reach an additional one million SMEs.
In this article, CreditEnable CEO Nadia Sood and Investor/Advisory board member Aditya Ghosh share views on the proposed campaign and on steps the Indian government could take to help MSMEs that have suffered the brunt of the Covid-19 shock.
You can follow CreditEnable’s Covid-19 support efforts on social media via #WeMoveForward.