SME and the problem of capital access in the digital age
According to the World Bank's report, by 2030, Vietnam will have about 2.4 million small and medium enterprises (SMEs), accounting for more than 98% of the total number of enterprises nationwide. Although contributing more than 40% to total GDP, most SMEs have difficulty accessing capital due to barriers to collateral and complicated loan procedures. For SMEs, interest rates are not the biggest obstacle, but how can businesses easily and quickly access capital to develop business activities.
Understanding this need, MISA Joint Stock Company and Military Commercial Joint Stock Bank (MB) developed an Online Deposit Insurance solution for SME businesses on the MISA Lending loan connection platform, with a limit of up to 3 billion VND and an automatic approval process based on electronic invoice sales.
Thousands of SME businesses receive credit capital on MISA Lending...
MB's Online Expenditures Credit Solution on MISA Lending platform is designed to optimize the mobile capital needs of SME businesses, with many outstanding advantages. The fully digital loan process helps businesses take only 2 minutes to complete the application and 5 minutes to receive the preliminary approval results. In particular, businesses can be granted a loan limit of up to 3 billion VND without collateral, thanks to an automatic approval mechanism based on electronic invoice sales. The approval rate is also 10 times higher than the traditional method, providing easyness and speed in accessing capital. When approved, businesses can withdraw capital flexibly through payment accounts, completely free of charge when withdrawing capital or paying debts ahead of schedule.
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Thanks to these advantages, MB's Expenditory Credit product has become one of the most highly appreciated solutions on MISA Lending, both in terms of efficiency and user experience.
Happy Agrico Company Limited is a typical example of receiving maximum and optimal unsecured capital for business development. Ms. Tran Thanh Ngan, Director of Happy Agrico, is particularly impressed by its quick and completely online loan process. From the time of registering for a loan until the business disburses it, it only lasts for 1 week, depending on the time the business prepares its online application. During the entire process, information about the loan is provided transparently and accurately; the progress of application processing is also continuously updated.
Similar to Happy Agrico, Logistics Co., Ltd. A.B.A is also impressed with the product because of the approval speed - the 3 billion mortgage limit was successfully approved on the day. Mr. Truong Linh An - Director of A.B.A shared: “If only 3 words to describe, it is fast - convenient - good.“ Quick ”in that, the enterprise is preliminary approval of the limit after 5 minutes, when registering the loan, there will be an instant MB personnel should complete the dossier and receive loan approval very quickly - right in the day. Currently the transparency in the process of granting the limit and processing of MB's loan documents.
Ms. Pham Linh Trang, Director of Backstage Joint Stock Company is especially impressive with the disbursement method of the product: "I find the disbursement of the product's expenditure more practical than other loans. Thanks to the overdraft, she can proactively spend money to the supplier without preparing the application at the time of disbursement, which can add documents after a convenient way."
After experiencing MB's loan package on MISA Lending platform, SME businesses are satisfied and willing to share and introduce this product to other businesses; thereby, widely spreading the solution to access credit institutions quickly and easily.
