Dun & Bradstreet India signed a Memorandum of Understanding (MOU) with State Bank of Mysore (SBM), a premier commercial Bank in Karnataka. Under the terms of the MOU, D&B will offer SBM’s customers the NSIC–D&B Performance and Credit Rating at a subsidized fee. This rating, offered under the Performance and Credit Rating Scheme for Small Scale Industries (SSI) adopted by the Ministry of Small Scale Industries of the Government of India is meant especially for the Small Scale Industries sector. Dun & Bradstreet India has rated the maximum number of SSI units under the NSIC-D&B Performance & Credit Rating Scheme since its inception.
Small scale industries (micro and small enterprises) usually lack access to financing due to the absence of accurate and reliable information. The benefits of a D&B Performance and Credit Rating Scheme for small scale industries are as follows:
Easier Access to Finance: A D&B Rating enhances a company’s ability to access finance from banks and financial institutions. The Indian Banking Association (IBA) has endorsed this scheme and has communicated the same to its members. Several banks have signed an MOU with D&B, offering interest rate benefits to companies with a good D&B rating. Global Acceptability: A D&B rating helps a business establish credibility on a global platform and provides easy access to global markets. Affordable: The scheme makes Ratings affordable to SSIs since 75% of the rating fees are subsidized. Global Listing: Provides the business with an opportunity to get listed in D&B’s global database of over 106 million companies, one of the world’s largest B2B trade facilitators. Validation: Leading global companies insist on a D&B rating in order to authenticate /validate their prospective and existing suppliers. Credibility: Companies globally examine D&B reports before making collaboration and equity investment decisions. Source: www.dnb.co.in