World trade information provider Connect2India on Monday said they have started a new service to help small and medium enterprises (SMEs) get easy access to finance.
It said that one of the major challenges being faced by small and medium enterprises is timely availability of funds.
About 50 per cent of requests for trade finance by SMEs are rejected by banks due to varied reasons, resulting in a funding gap of USD 1.5 trillion (around Rs 106 lakh crore) annually, the company said in a statement.
"We decided to come up with a solution to counter this challenge by offering trade finance which would help our customers (SMEs) in meeting their capital requirements and help them overcome this immense burden of arranging funds when suddenly a big order is received," Pawan Gupta, the founder and CEO of Connect2India said.
He said that the access to finance would allow SMEs to take and execute recurring orders effectively.
He added that steps like improving access to credit would help push the country's exports.
Connect2India offers global trade intelligence, resources and tools on its integrated trade platform.
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