FISME to launch digital lending platform for MSMEs

MSME association Federation of Indian Micro and Small & Medium Enterprises (FISME) has signed a memorandum of understanding (MoU) with financial guarantee provider Eqaro Surety to set up a digital lending platform for MSMEs in the country.

FISME said the platform is expected to be launched this year and will provide access to collateral-free capital up to Rs 25 lakh to fulfil MSMEs’ need for urgent funds post due diligence of their businesses. The credit would be backed by guarantees from Eqaro.

This is like an overdraft facility initially pegged at Rs 25 lakh that could be tapped anytime from anywhere should an MSME need funds,” said Prashant Patel, President, FISME in a statement. FISME represents over 740 MSME associations with an outreach of over 2 million MSMEs.