Alternative Solutions To Small Business Credit Woes

  • Kamal Mehta , Manisha Mehta
  • Aug. 5, 2021, 5 p.m.
  • Investment

The coronavirus pandemic has left a significant dent in the economic growth globally. According to an IMF report, the global economy contracted about 3.5% in 2020, which is 0.9% higher than the predicted figure. However, this international body is also expecting a turnaround in 2021 with a projected growth of 5.5%. Keeping in sync with the global economic growth, the Indian economy showed signs of recovery and expected to pick up pace in the 3rd and 4th quarter after the second wave of Covid-19. If you are a small business owner, things must have been tough for you during this period, especially funding-wise. Traditional financiers are riddled with rising NPAs. Resultantly, they’ve introduced stringent eligibility parameters, making it challenging for budding entrepreneurs to get needed funding. So, instead of looking into traditional options, you can explore alternative finance avenues.