SOLV, a B2B (business to business) digital platform for MSMEs backed by the Standard Chartered Group, announced launch of a COVID-19 emergency credit line program for small businesses.
The nationwide lockdown has badly hit business sustainability for the MSME (micro, small and medium enterprises) segment due to lack of cash flows to meet their fixed cost, SOLV said in a statement on Wednesday.
In this scenario, the COVID-19 Emergency Credit Line is aimed at easing the financial pain being faced by the MSME sector, ensuring their growth is not hampered, it added.
Using technology and an extensive partner network, the emergency credit line is set to rapidly address the urgent financing needs of MSMEs who are exploring ways of maintaining their cash flow and staying relevant in the new market conditions, the statement said.
Currently, it said, there exists a gap in the market in supply of goods and services essential to fight and manage the coronavirus pandemic, and the requirements are likely to continue over the mid-term horizon.
MSMEs are increasingly aware of this opportunity and are gearing up to fulfil the new demands of the market.
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