New portal to empower MSMEs to gain credit

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HYDERABAD:  In an attempt to increase access to credit for Micro Small and Medium Enterprises (MSME), ASSOCHAM has came up with the myloanassocham.com portal.
The portal will enable MSMEs in need of credit to directly log on to myassocham.com portal and register their details instead of entrepreneurs doing the rounds in bank branches. After registering on the portal, the application will be evaluated by ASSOCHAM and forwarded to banks for disbursal of loans, thus saving much time and effort for MSMEs.
“myloanassocham.com portal will help both MSMEs and banks greatly as ASSOCHAM does the preliminary screening and forwards only the eligible loan applications to banks. This will not just decrease the work of banks considerably, but also ensure that most of the eligible MSMEs get loans,” pointed out B H Anil Kumar, Joint Secretary of Ministry of Micro, Small and Medium Enterprises, Government of India, after launching the portal in Hyderabad on Saturday.
Agreeing that getting loans is a difficult task for small and medium enterprises, Anil Kumar added that the recent sops announced by Prime Minister Anrednra Modi for the MSME sector—like increasing the credit limit for MSMEs will help the sector in a big way.
Loan applications uploaded on myloanassocham.com portal can also be tracked, after being forwarded to banks, thus keeping the MSMEs informed ENS Economic Bureau.