Credit Rating for SMEs
Posted by: yazdi on: 13/03/2010
Understanding the urgency faced by the MSME units, Ministry of MSME, Government of India through NSIC has signed a Memorandum of Understanding with us to provide Performance and Credit Rating services. The scheme was launched by the Honorable Finance Minister and is approved by Indian Banks Association (IBA). THE MINISTRY OF MSME IS OFFERING A SUBSIDY OF 75% ON THE ONICRA RATING FEE. The scheme is set to educate MSME units about financial matters.
Scheme Features
- Rating and services fee structure based on turnover
- Scheme implemented through NSIC , a nodal agency of Govt. of India
- Rating approved by Indian Banks Association (IBA)
- Subsidy of 75% on rating fee provided by the Ministry of MSME
Onicra analyzes financial and operational performance, connects suppliers & buyers through our online market place and provides a holistic financial and IT solution for MSME development and progress. The rating process includes: a physical visit, collection, verification & authentication of data. Analysis is conducted, where facts are presented and reported. Our rating is accepted by Public Sector Banks & approved by Indian Banks Association (IBA).
Our MSME Rating & Services aim to address some of the challenges faced by these units:
- Securing Credit from banks and financial institutions
- Lack of faith shown by buyers and suppliers
- Doubts on creditworthiness and capabilities
2 Responses to "Credit Rating for SMEs"
28/03/2010 at 3:31 am
[...] countries, such as India, Peru, and Chile have already setup microfinance credit bureaus and offer benchmarks for [...]
19/03/2010 at 11:53 pm
I assume this will include micro entreprenneurial setups as well. Do you have any information about how this credit rating agency will go about containing their vast costs?