PayPal News: PayPal Partners with FlexiLoans to Offer Unsecured Term Loans to MSMEs

MUMBAI: PayPal has partnered with FlexiLoans to provide freelancers, women entrepreneurs, sole proprietors and MSMEs with unsecured business loans. PayPal with FlexiLoans will aim to provide MSMEs with working capital for business expansion, purchase of inventory, inventory and other business related expenses.

The impact of the COVID-19 pandemic has been widespread, causing economic strains on small businesses, freelancers and entrepreneurs who face a myriad of challenges to recover and sustain their businesses. The partnership aligns with PayPal’s mission to provide innovative lending solutions and will allow borrowers to access term loans ranging from Rs 50,000 to Rs 10,000,000, which requires traders to minimum documentation of 1,500. towns and villages in India. Loans are currently available for 10,000 PayPal merchants.

In a statement, Anupam Pahuja, vice president – India, Southeast Asia, Middle East and Africa, PayPal said: “Economic activity in India has been deeply affected by the Corona virus pandemic, and it Now is that our MSMEs and our freelance community need the solutions to jumpstart business activity. Accessing capital through traditional channels has always been a challenge for most small businesses. Our partnership with FlexiLoans will allow us to close the existing credit access gap, while accelerating the growth of cross-border sales and accelerating the vision of Vocal for Local and Digital India. ”

“We are committed to delivering high quality lending solutions and experiences to Indian SME ecosystems and this partnership is a significant step forward. With our advanced data science models and deep expertise in assessing millions of MSMEs with a digital footprint, we are excited to partner with PayPal and bring Covid-affected MSMEs back to growth and leverage. new opportunities, ”said Abhishek Kothari, co-founder of FlexiLoans. com, in a statement.

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