MSME: HAPPY introduces lockdown loans for MSMEs

NEW DELHI: The global coronavirus outbreak has currently affected around a quarter of India’s 69 million MSMEs. To help the affected micro-businesses, HAPPY, an ML-based MSME digital lender, has launched a “lockdown loan”.

The digital credit facility was developed to address the working capital problems of Indian micro-businesses during the lock-up period. It will allow them access to capital of Rs 25,000 and Rs 50,000 with bullet repayment after 6 months. The lockdown loan is equipped with COVID-19 protection insurance, in which the complete loan waiver is extended to those infected with the coronavirus.

The digital lending platform interacted with nearly 300 MSMEs through a survey to understand their moods and problems. The lockdown loan was designed and developed based on the survey results to empower the micro-entrepreneurs during these troubled times.

Manish Khera, Founder and CEO of HAPPY, said in a statement, “The COVID-19 outbreak has had a major impact on the cash flow of all businesses, large and small. Perhaps the economic shock waves are felt most strongly by micro and small businesses and they are in dire need of financial assistance. We spoke to over 300 such MSMEs to understand their immediate financial and health needs. Based on the feedback we quickly adjusted to develop a lockdown loan with full coverage against COVID. ”