Online loans, or digital lending are basically financial loans widely offered by the business loan providers of Pune & Mumbai where approval and disbursal are done through digital platforms only – net banking, phone apps and so on. This reduces paperwork and reduce time between application and disbursal.
SMEs contribute 45% to the country’s industrial output and up to 35% of total exports. Of the many engines that are powering this growth, the SME sector is a powerful driving force and provides employment to more than 50 million people.
From government policies to rising ecommerce and digital technology at their disposal, SMEs can look forward to various trends digital lending or online loans offered by the business loan providers of Pune & Mumbai in the future.
Below are important trends for the Indian SMEs and how they can open growth avenues for this sector:
#1. Getting A Boost From Government Schemes
Government initiatives such as Make in India, Startup India and Skill India are aimed at enabling the growth of SMEs in India and promote an entrepreneurial culture. Initiatives such as Make in India aims to increase the growth of manufacturing sector by 12-14% per annum and increase its share of GDP to 35% by 2026.
Many states of India, have actively set up training centers to impart knowledge and enhance skills to entrepreneurs and Business owners. Some state governments such as the Maharashtra government also offer power tariff and tax refunds. The government has started various schemes to increase competitiveness, productivity and capacity of SMEs.
#2. Fintech Companies Are Paving The Road For SME Growth
Small businesses that were typically kept at bay with the financial system have found some relief with the financial technology or FinTech enterprises. FinTechs have created a huge impact on SMEs by making financial help accessible and affordable.
Advancement in data collection technology is making it possible for such institutes to open new avenues to access finances. With their enhanced speed, transparency and quick loans, Fintech companies are making it possible for SMEs to focus on their business rather than worrying about gaps in their cash-flows.
Business loan providers of Pune & Mumbai offers one such platform that provides startup business entrepreneurs and small business owners an easy access to finances to small businesses.
With such hot new trends and growing support, there wouldn’t be a better time to make your small business grow and seek new avenues.
#3. SMAC To Be The Hottest Trend
The trend of Social, Mobile, Analytics and Cloud – SMAC has been buzzing around and it would be great if Indian SME sector turned it into a business reality. SMEs will be able to play a pivotal role in adoption of SMAC as it would open up great opportunities of revenue growth and operational efficiency.
With such technologies at the disposal, small businesses of India will find it easier to define business strategies and get a level playing field to compete with larger players.
#.4 Boost In Ecommerce Benefiting To SMEs
E-commerce has been gaining traction in India and large number of SMEs are going digital and making their presence felt in the online world with 48% of them participating in online sales.
As per the recent survey, the Indian e-commerce sector is expected to cross USD 85 billion by 2020, and by the next decade it will change the way small and medium businesses operate. In a time when the SME sector was struggling with competitive pressures, ecommerce came as a boon to help their business platform get an edge.
The world of ecommerce not only offers a short cut to reach a wider audience by improving geographic accessibility; it also ensures a better consumer experience and higher profit margins.
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