CredAble Launches Revolving Short-Term Loans for MSMEs in FinTech Move

Discover how CredAble's new product addresses the $5.2 trillion financing gap for MSMEs, focusing on working capital shortages in India.

CredAble, a prominent player in the FinTech industry, has introduced a new product called Revolving Short-Term Loans as part of its MSME lending vertical. This launch comes at a crucial time when Micro, Small, and Medium Enterprises (MSMEs) globally are facing a significant financing gap of $5.2 trillion, with a substantial portion tied up in supply chains. In India, 70% of MSMEs' credit needs stem from working capital shortages.

Amidst the challenges of limited credit access and borrowing opportunities for MSMEs, CredAble is taking proactive steps to address these issues and bolster supply chains through its cutting-edge working capital financing platform. The company has been supporting over 3,00,000 anchor-led MSMEs by providing affordable and timely working capital financing, thereby facilitating prompt payments to strengthen both local and global supply chains.

On International MSME Day, CredAble unveiled the Revolving Short-Term Loans product, underscoring its commitment to democratizing credit access and empowering MSMEs with tailored solutions to address their working capital needs. This new offering, which caters to smaller ticket-size borrowers, combines term and working capital demand loans. Leveraging CredAble's advanced low-code technology, the product streamlines underwriting processes and sets new standards in MSME financing.

The Revolving Short-Term Loans product offers instant, collateral-free, on-demand working capital, with rapid credit evaluation and repayment schedules tailored to MSME cash flows. In a strategic move to enhance its capabilities, CredAble has expanded its team by hiring industry veterans like Gaurav Varshney as EVP Product and Head of SME Lending. With his extensive experience in banking and FinTech, Gaurav is instrumental in shaping CredAble's financial services offerings.

Having achieved a significant milestone of USD 8 billion in aggregate throughput across its working capital finance platforms, marking a remarkable 128% growth in the last financial year, CredAble is poised for further expansion. With the launch of the Revolving Short-Term Loans product, the company aims to double its lending book in the current financial year, empowering businesses with innovative working capital financing solutions.

CredAble's introduction of the Revolving Short-Term Loans product underscores its commitment to addressing the financing needs of MSMEs and strengthening supply chains through innovative solutions.