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All roads lead to forthcoming SME Finance Meet

Seminal event to facilitate interaction between SMEs and Finance Providers

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PRLog (Press Release) - Jul. 5, 2012 - All roads lead to forthcoming SME Finance Meet
Seminal event to facilitate interaction between SMEs and Finance Providers

New Delhi, 5th July, 2012- The Small and Medium Enterprises{SME’s} have played a pivotal role in India’s growth story. The contribution of small and medium enterprises (SMEs) to India’s GDP is likely to increase up to 22% by 2012 from about 17% at present on account of an increase in production due to technological upgradation, says published reports.
This sector contributes 35% of India’s merchandise exports. With approximately 30 million SMEs in India, this sector is largest employment opportunity provider next only to Agriculture. This shows how significant the SME sector is for India where a large populace is unemployed or under employed.This sector is growing at the rate of 8% per year and in next three years about 12 million people are expected to join workforce with SME.
Notwithstanding its impressive contributions to the economy, this sector is severely constrained by the lack of organised financing, which constitutes merely 4% of the total funding. The rest is dependent on personal borrowing.Besides the conventiuonal mode of external financing i.e Bank Finance many more options are available these days.This includes funding from Venture Capital,Inventments by Angel Fundings,Bills discounting and Factoring facilities, Public issue at recently launched SME platform by Mumbai Stock Exchange and National Stock Exchange . Besides, several Non Banking Finance Companies are also in the fray to Finance SMEs by way of equipment finance on easy instalments or finance against assets.
As a major step towards overcoming this major problem/constraint, the Global SMB Chamber of Commerce and Industry is organising a mega SME Finance Meet, at Pragati Maidan, New Delhi on 1st August, 2012.  The objective of the seminal meet is to build a bridge between SMEs cutting across the sectors and myriad organisations representing the various facets of financing. This platform will open doors for need based financing options available to SMEs.
The event is supported by Ministry of MSME,Government of India, National Small Industries Corporation Limited, A Government of India Enterprises and SIDBI. Media Partner is SME World, which is India’s premier magazine on SME affairs.
Apart from various representatives from the SME sector, the participants would also include representatives from the leading banks, developmental financial institutions, NBFCs , factoring and bill discounting service providers, SME stock exchanges, financial advisors & loan syndication agencies, private equity and angel funding agencies, merchant bankers, credit rating agencies and portals dedicated to organising business finance for SMEs.
The proposed meet would be an ideal place for the trade associations, chambers of commerce, SME entrepreneurs, existing borrowers, banks and finance institutions, research and business support organisation-the veritable who’s who of the SME and corporate finance universe, besides others.
According to Mr.Rajeshwar Prasad Painuly, Former Advisor to the Chief Minister of Uttrakhand and President Uttrakand State Unit of Global SMB Chamber, “SMEs are the lifeline of our country’s economy, and have rendered yeoman service to the nation despite so little access to institutional finance. I am glad that this meet will go some way towards addressing this.”
Says Naseem Ishaque, former Senior General Manager, ITPO and Chairperson of Global SMB Chamber feels “SMEs are capable of great things. Lack of organised finance is a huge problem, and meets like this are a great opportunity, to address this problem head on. Being from an exhibition back ground, I am pretty excited about this meet, and know from the experience that this will be a great success.”
One of the key men man behind this great initiative, V.K .Bansal, a Chartered Accountant by profession and  the Honorary Executive Director of the SMB Chamber, the organisers of the event says, “ we have pulled all stops in ensuring that this meet is not only a superlative success for all the participants but a precursor of greater things to come, in so far as the servicing the finance needs of the SME sector is concerned”.
Global Small & Medium Business Chamber of Commerce, Industry and Services was established to assist Small & Medium Businesses to be globally competitive and capable of holding their own against the best. SMBs are the backbone of any nation’s economy and India is no exception.  The Global SMB Chamber sees itself as a facilitator in the process of exploring and unlocking the potential of SMBs worldwide by helping them to expose themselves to global business practices. This is achieved via various means of communication and networking like organizing exhibitions, meetings and seminars both internationally and in India. Our constant endeavour is for Total Technology adoption by SMBs which in turn will not only foster business, but also help them in making their delivery standards world-class.
For media details please contact-
Vipin Labroo
Communications Consultant
Top Inspiration PR
9873981975

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Source:SMB Chamber
Country:India
Industry:Finance
Tags:SME, Finance
Last Updated:Jul 05, 2012
Shortcut:prlog.org/11916501
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