SOLV, a B2B digital platform for MSMEs backed by the Standard Chartered Group, has launched a ‘COVID-19 Emergency Credit Line Program’ for Micro, Small and Medium Enterprises (MSMEs).
The programme had been launched in association with FICCI-CMSME (Federation of Indian Chambers of Commerce & Industry’s Confederation of Micro, Small and Medium Enterprises).
The nation-wide lockdown has badly hit business sustainability for the MSME segment due to the lack of cash-flows to meet their fixed cost. 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, SOLV said in a statement.
“This offering is in response to the acute need for financing that the MSME sector faces today. It is open to anyone in any industry who is either already providing or is willing to repurpose their business to provide goods and services that help in containing Covid-19; for example, all types of PPEs, public space and food-grade sanitisation solutions, ventilators and other medical equipment,” SOLV Founder and CEO Nitin Mittal said.
“These unsecured loans will provide MSMEs with the much-needed working capital they are looking for and ensure their wheels keep moving. With this basic requirement met, MSMEs can focus on capacity-building and growth over the medium-to-long term,” he added.
The programme will address the urgent financing needs of MSMEs who are exploring ways of maintaining their cash flow and staying relevant in the new market conditions. Currently, there exists a gap in the market related to the supply of goods and services essential to fight and manage the 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. SOLV’s Covid-19 Emergency Credit Line will act as a catalyst in helping them get started and grow.