67 per cent of Manufacturing Businesses are Interested in Flexible Financing Solutions

May 11, 2022 23:31 IST | ANI Press Release
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67 per cent of Manufacturing Businesses are Interested in Flexible Financing Solutions

Mumbai (Maharashtra) [India], May 11 (ANI/NewsVoir): EquiDEI Blockchain-based financial services provider recent survey revealed that 67 per cent of manufacturing businesses are comfortable with adopting flexible financing solutions.

-A total of 500 manufacturing businesses participated in the survey

-The audience demographic with an annual turnover

1. Below 15 lacs: 45 per cent

2. 15 to 50 lacs: 32 per cent

3. 50 lacs to 1 crore: 13 per cent

4. Above 1 crore: 10 per cent

India is one of the fastest-growing economies of the world and a major driving force of this growth comes from the Micro, Small, and Medium Enterprises (MSMEs/SMEs). 99 per cent of the businesses in India fall in the MSME category, a third of which are manufacturing enterprises which are in need of financing for their business. The traditional methods of bank financing are a cumbersome process and they would be open to flexible financing solutions. In the survey 75 per cent of respondents said that they don't trust the banking services when it comes to loan because of high interest loans, customer services etc. 67 per cent of respondents said that they would be open to a flexible financing solutions whereas 15 per cent of respondents said that still are comfortable with traditional bank financing solutions and 18 per cent said they will think about it.

According to Raghav Gupta, Founder EquiDEI, "The results confirm that what we have seen in terms of SME growing interest in other forms of flexible financing solutions for business financing is an emerging market for EquiDEI and we seek to tap this opportunity by effectively utilizing blockchain technology to provide low-cost credit to SMEs, and at the same time mitigate the risk using a real-world link to such credit."

EquiDEI is a DeFi platform that enables manufacturing SMEs to get easy access to finance based on their assets. The idea is to tokenize under-utilized assets in manufacturing supply chains and channelize the yield from these assets to provide cheap funds to supply chain entities. Based on tokenized assets and data from these supply chains we offer management analytics to our customers, helping them to get better insights to run and scale their business.

EquiDEI aims at being a lending platform for them with an interest lesser than banks and other FinTech companies. EquiDEI will also act as an umbrella for the MSME allied industries and organizations. Onboarding supply chain entities from allied industries will ensure transparency in the MSME sector is maintained while ensuring liquidity for all individual businesses.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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