MyMoney Blog
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Find the latest financial and business blogs regarding small business loans, MSME loans, and personal loans here. Our blogs cover topics such as current accounts, payments, invoicing, and many more. MyMoney is an Indian web application for Personal loans and Banking power by IIFL Finance.
MyMoney Blog
11M ago
Small businesses in India are the backbone of our economy, contributing to job creation and economic growth. This has led to the need to study the impact of technology on small businesses. Accounting for 45 % of industrial production and 40% of total exports, micro and small enterprises (MSEs) contribute one third to the national GDP (Gross Domestic Product).
Yet, scaling up a small business is challenging, especially in monetary terms. Banking systems are slow and rigid in providing loans to small businesses, making it difficult for them to expand their operations. As such, owners need to loo ..read more
MyMoney Blog
11M ago
What is a collateral-free loan?
In India, Micro and Small Enterprises (MSEs) are crucial for the growth and development of the economy. They contribute significantly to employment generation, manufacturing output, and export earnings. However, these businesses often face several challenges when it comes to accessing finance. Collateral free business loans are a crucial source of credit for these businesses, as they provide much-needed financial support without requiring the borrower to pledge assets as collateral. In this blog, we will discuss why collateral free business loans are impor ..read more
MyMoney Blog
11M ago
Cash flow is the lifeblood of any business, whether big or small. It refers to the amount of money coming in and going out of a business and is a critical factor in determining a business’s financial health. In simple terms, business cash flow is the net amount of cash a business has available for its day-to-day operations, investments, and debt payments. In this blog, we will discuss what cash flow is, why it is important for micro and small businesses, and how businesses can improve their cash flow.
What is Cash Flow?
Cash flow refers to the inflow and outflow of cash in a business. It is th ..read more
MyMoney Blog
11M ago
In India, micro and small businesses play a crucial role in driving economic growth and development. These businesses are often run by entrepreneurs who have limited resources and face various challenges. One of the essential requirements for these businesses is to have a current account in a bank. A current account is a type of bank account that is primarily used for carrying out business transactions. In this blog, we will discuss why a current account is important for micro and small businesses in India.
Facilitates Business Transactions
A current account is crucial for micro and small busi ..read more
MyMoney Blog
11M ago
At the moment, India is an emerging market in the world, with millions of small and medium-sized businesses. Besides contributing to India’s GDP growth, these small and medium enterprises provide major employment opportunities for a large proportion of its population.
It is very common for small businesses to lack capital during their initial stages, and their CIBIL scores play a vital role in their eligibility for financing. As a result, Fintech companies are working hand in hand with Banks, NBFCs, and other financial institutions to ease growth in this segment of the economy.
From trad ..read more
MyMoney Blog
11M ago
In the last five decades, the MSME sector has emerged as the fastest-growing sector of the Indian economy. The sector contributes significantly to India’s overall economic and social development. It promotes entrepreneurship and generates huge employment opportunities at low capital cost after agriculture. The MSME sector also helps large industries and plays a vital role in the industrial development of the country. The sector is producing a wide range of products and services to meet the demands of domestic and global markets.
Current Status of MSMEs in India
The employment potential of the ..read more