Small Industries Development Bank of India (SIDBI) in association with credit bureau TransUnion Cibil has launched a portal to help Micro, Small and Medium Enterprises (MSMEs), seeking access to finance and also help borrowers manage their credit obligations. while also supporting entrepreneurs towards managing their credit obligations.
The portal- MSMESaksham- aims to guide MSMEs across their credit lifecycle, from availing credit to start and grow their businesses, to managing credit lines to sustain and build structural strength of the business, as well as ensuring timely closures and renewals of credit facilities.
The COVID-19 pandemic has further been detrimental to MSME businesses with newer hurdles like reduced cash flows and a dip in market demand. ” This (partnership with Transunion Cibil) aligns with our Mission Swavalamban wherein we are targeting youths to imbibe entrepreneurship culture” said Mohammad Mustafa, chairman and managing director, Sidbi. “MSMESaksham being a digital platform aims to facilitate and strengthen credit information availability for MSMEs, pan India”.
The portal among other things also provides information on the Cibil score & Cibil rank to help MSME owners understand their company’s credit profile. “While we are supporting banks and credit institutions with solutions to drive faster and digitalized access to credit for MSMEs, we are also extending guidance and enabling access to CIBIL Rank and commercial credit report for the MSMEs” said Rajesh Kumar, managing director and CEO of TransUnion Cibil.
Source: The Economics Times India news