New Delhi: Global trade information portal Connect2India has launched a service to help small and medium enterprises get easy access to finance.
Connect2India Founder and CEO Pawan Gupta said that the trade finance solution would help SMEs to meet their capital requirements when suddenly a large order is received.
He mentioned that the timely availability of trade finance is one of the major challenges being faced by SMEs.
About half of the requests for trade finance by SMEs are rejected by banks due to varied reasons, resulting in a funding gap of USD 1.5 trillion annually, he noted.
He said that the easy finance access would help SMEs 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.