Sure, let me break it down for you. As a first-time exporter running a small business, you may face challenges in accessing credit, which is crucial for expanding your e-commerce sales globally. But don’t worry, fintech can be a game-changer for MSME exports, and there are various options available for small businesses like yours to leverage these technologies.
Fintech companies use advanced technology-driven processes to identify credit-worthy borrowers, which means they are less insistent on borrowers providing collateral. Due to their faster and more accurate due diligence processes, fintech lenders are usually quicker to approve loans compared to traditional lending institutions.
Moreover, fintech lenders are also attractive to MSME exporters because they make the financing process smooth and quick, which is essential for businesses looking to expand their e-commerce sales globally. With fintech, you can access trade finance and other export solutions at a lower cost.
The government is also taking initiatives to promote e-commerce exports and integrate MSMEs into global value chains. This is crucial for small businesses like yours as it ensures you have an assured market to focus on improving your quality to compete with global players.
