A primer for availing MSME business loans: Here’s everything you need to know
Globally, the Micro, Small and Medium Enterprises (MSMEs) segment plays a crucial role in employment generation, driving innovation, GDP growth, and augmenting overall economic activity. In India, this segment constitutes a vast network of over 63 million units, employing around 111 million people. The MSMEs also contribute significantly to the country’s GDP, as the share in pie stands at about 30 percent. (Source – Mint Street Memos by RBI, August 17, 2018)
In short, the MSME segment is one of the most potent engines of the economy and it would not be wrong to state that funding them could fuel India’s growth. Yet, MSMEs are deterred by lack of access to a quality credit line for investing in business and expansion plans, often, derailing the entrepreneurs from their vision.
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