Meeting critical credit needs of MSMEs: HAPPY launches Lockdown Loans to tide over COVID-19 crisis
The global Coronavirus outbreak has also impacted about one-fourth of India’s 69 million MSMEs at present. To help the affected microenterprises with seamless liquidity access, HAPPY, a leading ML-based MSME digital Lender has now launched a ‘Lockdown Loan’. The digital credit facility is uniquely developed to address the working capital woes of Indian microenterprises during the lockdown period. It will empower them with easy capital access of Rs. 25,000 and Rs. 50,000 with bullet repayment after 6 months. The ML-based lender has further strengthened the offering with COVID-19 protection insurance, wherein full loan waiver is extended to the coronavirus infected.
The pandemic has clearly derailed the country’s economic growth that heavily depends on the MSME segment. MSMEs are considered as the backbone of the Indian economy as they contribute about 30% of the GDP. To empathize with these critical times, HAPPY, in line with its mission and vision, has walked that extra mile to assess the pressing credit needs of Indian micro-entrepreneurs and create a meaningful impact in their lives. The digital lending platform proactively interacted with nearly 300 MSMEs via a survey to understand their sentiments and pain points. The Lockdown Loan was designed and developed basis the survey results to empower the micro-entrepreneurs during these difficult times.
Manish Khera, Founder & CEO, HAPPY says – “The COVID-19 outbreak has deeply impacted the cash flow of all big and small businesses. Perhaps, the economic shockwaves have been felt the most by micro & smaller businesses and they are in urgent need of financial assistance. Our customers are the lifeline of society and economy – the grocer, the restaurant operator, the saloon owner, the money transfer outlet right next to you, the farmer supplying milk, a banking agent facilitating direct benefits transfer who even in this time of health fear and uncertainty is being expected to stay open and deliver the essential services. We salute to their bravery and hard work and have committed ourselves to work more for them to make sure their businesses are not affected. We spoke to over 300 such MSMEs to understand their immediate financial & health needs. Basis the feedback we quickly tuned around to design a unique product – Lockdown Loan with full insurance cover against COVID ”
About HAPPY
HAPPY is the fastest growing fully Digital Lending Fintech targeting a multi-billion-dollar credit
gap in India’s micro businesses, delivering flexible & easy short-term access to credit for small business owners & proprietors in urban & city settings. HAPPY has till date disbursed more than 5,00,000 instant digital micro loans across 500 plus locations across India to MSMEs. HAPPY has been recognized as one of the2019 Inclusive Fintech 50 in the world by Visa and IFC and has won two national awards byTimes Now & ET Now.
