Small Medium Enterprises, aka SMEs, form the backbone of every growing economy. Not only do SMEs create innovative products and solutions for domestic and international markets, but they also generate vast employment opportunities for the populace.
However, unlike large conglomerates and MNCs, SMEs find it more difficult to find credible financing solutions and low-cost capital to grow their business. It is because they face higher operational risk, making their financing needs more specific. Thus, partnering with a specialized SME finance provider can do the trick.
So, what exactly should be the criteria for the selection of such a financing or banking partner?
Ideally, SME Finance solutions should support SMEs' ongoing operations and growth needs by offering financing at a reduced cost. In addition to that, the following points can help SMEs choose the best finance solution:
Financing for Export/Import: Pre-shipment and post-shipment financing is critical to the success of export/import-dependent SMEs. Financing providers who can facilitate this and the ready conversion from INR to FCY and vice versa can significantly support the SMEs in expanding their international trade.
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