Small business financier U GRO Capital has announced its partnership with SBM Bank to launch ‘GRO Smart Business’ credit cards for small and medium businesses (MSMEs).
Powered by RuPay, along with EnKash, the ‘GRO Smart Business’ credit card is designed for underbanked micro, small and medium enterprises (MSMEs), and can be availed by U GRO Capital borrowers against a fixed deposit with SBM Bank India.
In a statement issued, the company said, “The credit card offers a gateway to empower MSME entrepreneurs to solve multiple financial challenges. These include meeting immediate expenses like purchases of equipment and supplies, managing vendor payments, making business utility bill payments, as well as managing reimbursements for travel and entertainment expenses of employees.”
Speaking on the launch, Mr. Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital stated, “We are elated to collaborate with SBM Bank India and launch this distinctive arrangement powered by the RuPay Network. The ‘GRO Smart Business’ Credit Card will allow our MSME customers to manage their urgent credit requirements and cash-flows effectively.”
‘MSMEs face a frequent need of urgent credit, catering to which becomes a challenge causing drastic cash flow disruptions. This arrangement will enable the businesses to tackle these situations effectively. We have been constantly exploring impactful solutions to support the revival and growth of the nation’s MSMEs. We believe this collaboration to be a significant initiative in the right direction,” Nath added.
Speaking on the initiative, Neeraj Sinha, Head – Consumer & Retail Banking, SBM Bank India, said, “At SBM Bank India, we are committed to using the power of banking, technology, and collaboration to create unique smart solutions. The launch of the ‘GRO Smart Business’ credit card is in line with the same strategy. We are proud to partner U GRO Capital for the new product.”
The MSMEs eligible for the business loans from U GRO Capital would be extended incremental funds to open a Fixed Deposit account with SBM Bank and the credit card shall be offered against the security of a Fixed Deposit maintained by the applicant in his name.
The terms and conditions of this credit facility shall be as per the existing policies of U GRO Capital.
