DBS Bank India partners with Haqdarshak to aid MSME recovery – The Economic Times

Clipped from: https://economictimes.indiatimes.com/small-biz/sme-sector/dbs-bank-india-partners-with-haqdarshak-to-aid-msme-recovery/articleshow/79675994.cmsSynopsis

Haqdarshak will provide application support services to business owners for availing the right schemes that the government has announced.

MUMBAI: DBS Bank India has joined hands with social enterprise Haqdarshak to enable recovery of Indian businesses through its newly launched platform, which offers access to MSME-focused government-assisted schemes across the country.

Due to the slowdown triggered by the COVID-19 pandemic, business owners needed support to tide through the uncertainty and build resilience. This was particularly true for small and medium scale enterprises, which were the worst affected. Recognising this, Haqdarshak developed a new platform for MSME-focused government welfare schemes, covering registrations, documentation and applications for financing.

In 2018, Haqdarshak received DBS Foundation’s annual Social Enterprise (SE) Grant for their citizen-focused platform. In 2020, just like other businesses, social ventures were struggling to meet their impact and financial goals during the pandemic. DBS Foundation constituted a Business Transformation and Improvement (BTI) Grant to provide additional funding to the past grant awardees, so that these enterprises could protect jobs, as well as pivot in search of new income streams. Haqdarshak received funding under the DBS Foundation BTI Grant, earlier this year.

Haqdarshak’s first platform was designed to ensure that citizens can access and apply for government and private welfare schemes. The company will provide application support services to business owners for availing the right schemes that the government has announced. DBS Foundation’s BTI grant of Rs 2.7 million enabled Haqdarshak to expand into this segment. The new platform provides information around government schemes such as SIDBI Loan Scheme for MSMEs, Emergency Credit Line Guarantee Scheme, Prime Minister Street vendor’s AtmaNirbhar Nidhi Yojana, etc. The company aims to reach 100,000 MSMEs and support one million jobs annually.

In a statement, Sudarshan Chari, Head-Business Banking, DBS Bank India said, “Haqdarshak’s differentiated model addresses a critical gap in the delivery of welfare schemes, servicing as a one-stop solution for MSMEs to access the right government-assisted schemes. We believe that the proposition will benefit them.”

Aniket Doegar, CEO and Co-founder, Haqdarshak Empowerment Solutions Private Limited, in a statement, said, “Over the last three years, Haqdarshak has reached over four lakh families and helped ease their access to government welfare programs. We intend to help the SME sector to access financing and other welfare services which the government has designed.”

DBS Bank India has also enhanced its support measures for this segment. The initiatives enable them to augment working capital, meet operational liabilities and navigate their businesses through the current crisis. In India, DBS Bank has also been offering the “Guaranteed Emergency Credit Line” scheme in line with the government’s COVID-19 relief efforts.

“We hope that our partnership benefits these businesses, accelerating their recovery and growth in these challenging times,” said Shoma Narayanan, Executive Director – Group Strategic Marketing & Communications, DBS Bank India, in a statement.

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