We have been fighting the pandemic for the past one and a half years now. It has had a severe impact on all facets of our lives, the economy being the most severe of all.MSMEs were the most impacted by it. Due to the hardships of the pandemic, it became extremely difficult to manage them all.
Credit requests by micro, small and medium enterprises (MSMEs) increased to almost pre-pandemic levels in June 2021, recovering after a drop in loan inquiries in April and May due to the second wave of Covid-19 infections, according to the Small Industries Development Bank of India (Sidbi)-TransUnion CIBIL report.
The reading on the index of credit inquiries fell from 139 in March to 67 in April before rising up to 75 again in May. It moved up to a soaring 95 in June. Lockdowns in cities in June to rein in the spread of the contagion led to a bounce-back in credit demand by MSME.
The recent additional relief measures, especially in health care, and travel and tourism, are expected to improve credit offtake in the MSME sector as well. The flattening of the curve has played a major factor in this case. But with the third wave knocking on our doors, it will be even more important to utilize this time and credit wisely in order to uplift and sustain the growth of your enterprise.
SalaryBook mobile application is helping Indian MSMEs plan their finance in a much organized manner. SalaryBook’s extensive employee management system offers a modern digital solution to all the day-to-day employee-related issues faced by MSME owners.SalaryBook offers a digital solution for employee management services. SalaryBook offers smart attendance management in one click. SalaryBook also helps owners in managing the expenses of their businesses with the use of SalaryBook’s exclusive payroll management interface. On top of these, SalaryBook is also providing employment or job opportunities to many on the job portal. Integration and utilization of SalaryBook in your business can help you bolster your business and give it a much-needed bloom in these tough times. With that, you can make the best usage of the credits as well and hence grow your business or enterprise.
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