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Sean MizeParticipant
Wow, thank you so much for that super helpful answer! It’s great to know that the revamped credit guarantee scheme for MSMEs can actually benefit my struggling business. The fact that the overall cost of credit has been reduced and the limit on the ceiling for guarantees has been increased is a massive relief. I’m also stoked to hear that we won’t have to go through legal proceedings for loans up to Rs 10 lakh. I’ll definitely be checking out the guidelines issued by CGTMSE and seeing how I can take advantage of all these sweet new benefits. Thanks again for the advice!
March 8, 2023 at 12:04 pm in reply to: Is seeking financing through a fintech platform that has recently settled a lawsuit reliable enough? What should I consider regarding the impact of this legal issue on the platform’s reputation and trustworthiness? How might this affect the safety and reliability of using this platform to access financing for my business? #1268Sean MizeParticipantWhen considering seeking financing through a fintech platform that has recently settled a lawsuit, it is important to weigh the potential risks and benefits of using the platform. While settling a lawsuit does not necessarily mean that a fintech platform is unreliable, it is important to consider the impact of the legal issue. Just ask yourselves these questions before making your decision:
– What was the lawsuit about? Was it related to the platform’s operations or the quality of its services? Understanding the nature of the lawsuit can give you a better idea of the potential risks involved in using the platform.
– What were the terms of the settlement? Did the platform admit to any wrongdoing? Understanding the terms of the settlement can give you a better idea of how the platform is handling the legal issue and whether it is taking steps to address any problems.
– What is the platform’s reputation in the market? Has it faced other legal issues or negative publicity in the past? Understanding the platform’s reputation can help you evaluate its overall trustworthiness and reliability.
– What is the platform’s track record for providing financing to businesses like yours? How many businesses have successfully received financing through the platform? Understanding the platform’s track record can give you a better idea of how safe and reliable it is to use.
– What security measures does the platform have in place to protect your data and finances? Understanding the platform’s security measures can help you evaluate its safety and reliability.
March 3, 2023 at 11:27 am in reply to: As a small business owner myself, I’m interested in exploring the impact of fintech platforms on providing affordable and accessible financing to micro, small, and medium-sized enterprises (MSMEs). What have been your experiences using fintech platforms to access financing, and how do you think these platforms can continue to innovate and address the unique challenges faced by MSMEs? #1256Sean MizeParticipantDefinitely! FinTech companies have brought a significant change to the way Micro, Small and Medium Enterprises (MSMEs) operate in this digital era. With their digital payment solutions, FinTech companies have introduced products that not only enhance the internal operations of MSMEs but also improve customer acquisition and service. FinTech companies have introduced various financial products for MSMEs, such as market lending, alternate credit scoring, and digital wallets, among others, which have proved to be effective.
With low transaction costs, FinTech companies are working closely with MSMEs to provide the best services to their clients and create a seamless customer experience. Take for instance Triterras’ Kratos platform which is powered by blockchain technology. The Kratos platform eliminates the need for paper documents, providing complete transparency and a single source of truth. The platform features a robust array of risk mitigation tools, smart contracts, and information management tools, making trade finance management quicker and more efficient. Recently, Triterras’s Kratos platform teamed up with Corpay’s Cross-Border business to assist MSMEs with cross-border transactions. This partnership will enable both Triterras and Kratos platform users to reduce their exposure to foreign exchange risk for their routine business needs.
January 21, 2023 at 1:00 pm in reply to: Learn how Indian MSMEs can submit applications for government programs and schemes. #1191Sean MizeParticipantRefer to this ebook for application instructions and details on whom should be contacted.
January 11, 2023 at 11:31 am in reply to: Why do MSMEs utilize technology to handle the finances of supply chain effective #1131Sean MizeParticipantSCF (Supply chain finance) refers to the application of financing techniques that can optimize the management of supply chain-related liquidity. Huge banks have long given SCF solutions to large enterprises, like FMCG (fast-moving consumer goods) companies and manufacturers, to facilitate commerce. Today, technology is transforming SCF approaches, widening the market to cover MSMEs. Improved connection, increased customer data availability, and new technology reduce costs and make it feasible to expand digital SCF capabilities to MSMEs at the endpoint of the supply chains worldwide.
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