Small businessmen were in bad condition during Kovid-19, there was also difficulty in getting loans: survey

During the Kovid-19 epidemic in the country, small businessmen were badly affected and about 40 percent of them were denied loans by financial institutions as well as other units.

During the Kovid-19 epidemic in the country, small businessmen have been badly affected.

During the Kovid-19 epidemic in the country, small businessmen were badly affected and about 40 percent of them were denied loans by financial institutions as well as other units. The reason for this was that they did not have adequate arrangements for the mortgage of the loan or the history of taking and returning the loan was not favourable. This has been found in a study on the impact of Kovid-19 on small businessmen.

What other things came out in the survey?

This study has been done by the non-governmental organization Global Alliance for Mass Entrepreneurship (GAME) and found that 21 percent of small businesses do not have the necessary documents for the application. Road to Recovery: Exploring the Impact of COVID-19 on Small Businesses in India, a nationwide study of how the micro, small and medium enterprises (MSME) sector has weathered the pandemic-induced lockdown .

This survey was done in 2020 and 2021 on 1955 small business units. The organization quoted the report as saying that more than 50 per cent of the enterprises did not have any strategy or system to recover from the impact of the pandemic. According to PTI report, its founder Ravi Venkatesh said that bank managers, officers working in the field and bank representatives need to increase their adequate knowledge about the bank and government schemes. Only 31 percent of the units included in the study were aware of the schemes launched under the Atmanirbhar Bharat initiative.

Let us tell you that most of the retail vendors have traditionally been doing the work of increasing the stock from offline sources. But in recent years, the pandemic and increased penetration of many B2B e-commerce marketplaces have encouraged sellers to use online channels. It was observed in the survey that 83 per cent of the participants said that they now order at least 20-40 per cent of their stock online through B2B marketplace platforms. Nearly 50 per cent of the surveyed retailers indicated that invoice financing is their most convenient and preferred option for payment.

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