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Gpay enables online loans for small businesses

July 07, 2021

Gpay enables online loans for small businesses

Google’s payment application for small businesses, others Google Pay for Business has now enable small traders to access credit through its tie-up with the digital lending platform for MSMEs FlexiLoans. The last is likewise hoping to disburse loans to more than 50,000 small businesses in the following a year with this collaboration.

Credit lending to a majority part of MSMEs in multiple sectors has been seriously affected on account of the pandemic and following lockdowns. Critically, credit sent by banks to small and medium enterprises (MSEs) during April this year had recorded negative year-on-year growth of short 2.2 percent for the first time since Covid struck last year, the most recent information by the Reserve Bank of India showed. Banks had deployed ₹10.60 lakh crore in April, down from ₹10.84 lakh crore in April 2020.

“Business loans to merchants by means of Google Pay for Business have been started off with Flexiloans. We will add more partners to the record in the coming months. Besides payments, Google Pay for Business merchants can create online stores, oversee record for client balances, as well as avail credit in a couple of taps,” Google Pay told to Financial Express Online in a statement.

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