The majority of micro, small and medium enterprises (MSMEs) feel the instant line of credit and industry networking are the top requirements in the financial services and non-financial services category, a survey said on Monday.
Over 55 per cent of the total MSMEs interviewed said an instant line of credit is their top requirement to accelerate everyday business decisions, as per the 'MSME Sentiment Survey' by fintech Kinara Capital.
In addition, 16 per cent of respondents favoured flexible repayment products that will give them the choice to make daily or weekly loan payments or variable loan payments, based on their business turnover for the selected time period, it added.
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"There is a growing acknowledgement of the importance of MSMEs and unlocking this sector's full potential will require a personalised approach. Our survey gave MSMEs an opportunity to vocalise their challenges and needs.
"It is a sign that India's small business entrepreneurs are now seeking much more than access to formal credit and want tailored products and services aligned with their growth needs," Kinara Capital founder and CEO Hardika Shah said.
The report surveyed 2,600 formal MSMEs that are Udyam-registered and represent a range of businesses across manufacturing, trading and services sectors in Karnataka, Gujarat, Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu and Puducherry.
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The survey revealed that close to a quarter (24 per cent) of the respondents would like help with industry networking, especially with their supply chain ecosystem to improve access to buyers and sellers and many indicated openness to pay for the service.
MSMEs cite the lack of their own mode of transport as a critical supply chain challenge and despite India's growth, there is an acute shortage of truck and delivery drivers in the country, the survey stated.
About 30 per cent of MSMEs surveyed said they need business accounting and GST filing support as their top non-financial services request.
According to the survey, 21 per cent of MSMEs wanted to enhance their digital presence through website creation, digital platform listings and onboarding on online trading platforms.
The survey further found that about 15 per cent of MSMEs selected website creation and digital platform visibility as their top priority and 6 per cent wanted support to be listed on MSME Trading portals like TReDS and GeM.
