? Cool Title, but what’s the news?
The finance ministry has joined hands with over two dozen e-commerce firms, including major players like Amazon, Flipkart, Ola and Uber, to provide easy finance to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY).
? Okay, but what does it mean?
The three way partnership between lenders, industry and the government aims to facilitate small business loans. PMMY is a flagship scheme of the government to provide loans of up to Rs 10 lakh to small entrepreneurs. The loans are being given by banks, small finance banks, non-banking financial companies (NBFCs) and micro finance institutions.
? Why should I care?
The scheme aims to strengthen forward and backward linkages for robust value chains anchored by industries, aggregators, franchisors and associations. Thus, bringing great opportunities for budding small businesses and entrepreneurs that have a lot of potential, but require a loan.
Source: Financial Express