SMEs not small for big-time technology


“Limited availability of capital for small and medium enterprises (SMEs) is the stark reality. They should source funds through alternate means and that includes venture capital,” says Ramnath Pradeep, Chairman & Managing Director of Corporation Bank.

“Lack of needed low cost technology is major setback for SMEs. The solution to this problem is the usage of shared technology like cloud computing,” points out Pradeep. The banking sector is mulling on the use of a single ATM facility which would be shared by all. Another problem is that of marketing for which SME would need to break new ground.

The non-availability of optimum and timely bank finance is a major concern for SMEs. The banks insist on proper papers and documents which the SMEs take laborious time to provide. In this context, the banks can advise SMEs on all matters relating to finance including preparing project proposals.