MSMEs credit demand exceeded pre-pandemic levels in these two cities, reveals NeoGrowth MSME Insight Report 2022
MSMEs have been able to bounce back stronger post-pandemic with timely support, reveals the MSME Insight Report 2022 –Rising In The Face of Adversity.
MSMEs credit demand in Bengaluru and Chennai has exceeded pre-pandemic levels, as per NeoGrowth MSME Insight Report 2022. The report says MSMEs bounced back stronger post-pandemic.
MSMEs have been able to bounce back stronger post-pandemic with timely support, reveals the MSME Insight Report 2022 –Rising In The Face of Adversity - released today by NeoGrowth, the MSME-focused FinTech lender leveraging the digital payments ecosystem.
Highlights: NeoGrowth MSME Insight Report 2022
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-March 2022 saw MSME credit demand from non-metros going back to pre-COVID levels whereas metros are still lagging
-46% MSMEs across India needed financial support to mitigate the immediate impact of COVID-19
-MSMEs were better prepared in the second wave of the pandemic with only 30% requiring support in Wave 2 vs Wave 1
-75% of MSME borrowers who upgraded their pre-pandemic loans opted for a higher principal loan amount
-MSMEs credit demand in Bengaluru and Chennai has exceeded pre-pandemic levels
The Report is based on a comprehensive assessment of a base of over 40,000 MSMEs from over 25 cities across 88 unique industries, analyzed by the company from March 2020 to March 2022.
The survey, covering MSMEs in both discretionary and non-discretionary demand-oriented businesses, examined the challenges they encountered during the pandemic, the impact of support measures on their recovery, the shift to digital means of doing business, and their resilience in these two years.
Arun Nayyar, Whole Time Director & Chief Executive Officer, NeoGrowth said, “Many MSMEs were struggling in 2020-21 due to the burden of loan repayments because of the cessation of demand from consumers. Early on in the pandemic, we identified that MSMEs needed extra support since this was a genuine business disruption. We realized that MSME customers were inherently honest and had the willingness to pay back. NeoGrowth handheld them throughout their journey, right from proactively understanding their sentiments at the beginning of the pandemic to supporting them so they are able to bounce back.”
“The MSME ecosystem in India is a 'Survival to Revival' saga. The vital lessons learned from the pandemic have transformed the way businesses operated and fast-tracked their move to digital. The credit demand from MSMEs is back to a healthy level. We, at NeoGrowth, firmly believe that the Indian MSME sector is on a successful resurgence trajectory, which opens up the pathway for strong growth of the Indian economy in the years to come,” he further added.
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