WeWork | Resources for SMB Assistance

Resources for SMB Assistance

Disclaimer: WeWork India Management Private Limited is providing information to you about certain third party’s services (each, a “Service Provider”) which we believe may be helpful to you. You acknowledge understand and agree that WeWork does not endorse and/ or  is not responsible for any such third-party products or services offered by any such Service Provider (“Services”).
 
The Services are made available exclusively by each Service Provider, and WeWork India Management Private Limited is not responsible for the performance of the Services and does not make any representations and / or endorsement about the Services. For any disputes or concerns regarding a Service obtained from a Service Provider, you must contact the Service Provider directly. A Service Provider may provide goods or services that require a Service Provider to have a regulatory authorization or license. WeWork India Management Private Limited does not verify, validate, or collect evidence of any such regulatory information about any Service Provider. You should make whatever investigation you deem necessary before purchasing any offering from a Service Provider. Each Service Provider is solely responsible for the accuracy, care and quality of the Services being provided. Please contact the Service Provider directly with any issues or concerns.

Loans & Grants

Faircent Anti Lockdown Loan

Faircent believes in extending a helping hand in tough times and considering the current situation, we have launched a new product named as ‘Anti-Lockdown Loan’ which will help you in financial crunches.In Anti-Lockdown Loan you need to worry for EMIs for next 3 months and you are also free to make part payments or foreclosure as per your pocket.

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Reserve Bank of India

For NBFCs and micro finance institutions, the RBI proposed to make available liquidity worth ₹50,000 crore under the Targeted Long term repo operation (TLTRO) 2.0. This will allow banks to access 3-year funding from RBI to invest in investment grade corporate papers of small and mid-sized NBFCs and MFIs.

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Covid-19 Startup Assistance Scheme (‘CSAS’) by Small Industries Development Bank of India (SIDBI) 

CSAS aims to provide assistance to startups that will directly benefit from the scheme. The objective of the Scheme is to provide quick working capital in the next 45 to 90 days to the Start-ups. Therefore, for a faster processing a Recommendation Committee comprising of 5 members (3 from SIDBI and its nominees and 2 from Venture Capital Industry) will be created. 

1. Provides interim support to startups whose cash flow and liquidity has been adversely impacted by the Covid-19 pandemic. 
2.The assistance can be used for various working capital requirements like salaries / wages, rent, administrative expenses, payment to vendors etc.
3.The loan may also be considered against the GST refund. Tenor of the Loan Upto 36 months including maximum moratorium period of 12 months. 
4. Loan to be repaid in max 24 instalments.
5. Loan Amount Not more than INR 2 Crores per Start-up

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SBI COVID-19 Relief Measure

i) Term Loans: In terms of RBI COVID 19 regulatory package, SBI has initiated steps to defer the instalments and interest/EMIs on Term Loans falling due between 01.03.2020 to 31.05.2020. Accordingly, the total repayment period will be extended by 3 months over the original repayment period.

ii) Working Capital: In respect of working capital facilities sanctioned in the form of Cash Credit/OD, interest applied during the period 01.03.2020 to 31.05.2020 shall be deferred and interest accumulated for the period shall be paid/recovered after the expiry of deferment period along with the monthly interest for June 2020.

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Facebook- Small Business Grants programme

Facebook to offer financial support to small businesses affected by COVID-19 by giving $100 million in ad credits and cash grants to 30,000 small businesses in more than 30 countries. The grants will also apply to news publishers.

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Community Help

CRED

CRED has introduced two new products aimed at increasing financial confidence for individuals. CRED RentPay allows members to pay their highest recurring household expense, their monthly rent payments, on credit. The second product, CRED Stash, a flexible, low-interest and instant credit line, has been launched as a pilot with IDFC FIRST Bank, and is the only offering of its kind in India.

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Intuit Quickbooks: Consult an expert

Intuit QuickBooks today announced that it is starting a program called Consult an Expert to support small businesses and accountants in India during the COVID-19 pandemic. Intuit’s QuickBooks Online is the world’s online leading financial management solution for small business owners and accountants.

The Consult an Expert program will provide free, timely, relevant and virtual advice from a pool of experts to small businesses and accountants in the country. Small businesses can now connect with an Intuit QuickBooks’ verified expert and get advice on tax filing, managing a virtual business, collaborating with an accountant and financial planning for the new fiscal. Accountants can leverage the advisors to learn about on managing a virtual firm and consulting plus supporting their clients during this time.

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Operation Resources For Businesses


Confederation of Indian Industries (CII)

CII has set up CII COVID-19 CODE and CII COVID - 19 rehabilitation and relief pool fund to help micro, small and medium enterprises (MSME) and society from the impact of disruptions caused by coronavirus.

CII members will dedicate their plant facilities to help scale up manufacture and availability of essential goods and equipment needed to deal with the medical emergency like ventilators, sanitisers, essential drugs, medical services, etc., on a no-profit basis, and build a cadre of volunteers for public service the CII CODE advocates.

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Invest India: Business Immunity Platform

The Invest India Business Immunity Platform is designed as a comprehensive resource to help businesses and investors get real-time updates on India’s active response to COVID-19 (Coronavirus). This dynamic and constantly updating platform keeps a regular track on developments in the control of the virus, provides the latest information on various central and state government initiatives, gives access to special provisions, and answers and resolves queries through emails and on WhatsApp.
They have also created a unified platform to bring together key Government stakeholders, industry champions and logistic providers to identify and fill the demand-supply shortages in the supplies required to combat COVID-19.

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Invest India: COVID-19 Essential Supply Solutions 

This is a unified platform to bring together key Government stakeholders, industry champions and logistic providers to identify and fill the demand-supply shortages in the supplies required to combat COVID-19.

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Invest India: Potential Supplier Solutions 

Catalogue of suppliers for critical health & safety and medical equipment for COVID-19

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Startup India: Discovery of Innovative Solutions

The COVID-19 has put a massive strain on the current healthcare system, with reports of patient numbers continue to surge. Incase you have an innovative solution, please fill out the form.
In the interest if time, and effort, please make sure to discuss the safety standard issue first and foremost. For any company that is making products not regulated by the CDSCO, they must comply on a voluntary basis with the following to be at par with internationally accepted safety standards :  
1. ISO 13485
2. CDSCO's Essential Principle Checklist

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Invest India: Business Continuity Practices Toolkit 

Business Continuity Planning (BCP) toolkit aims to help businesses become pre-emptive in their decision-making to protect business continuity and build enterprise resilience. The toolkit is relevant for organisations of all sizes, and from every sector, it is built specifically for MSMEs, Startups, Proprietors, and other small businesses.  

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Invest India: List of Nodal officers for Customs Clearance during Covid-19

Nodal Officers from CBIC Customs Zones/Formations for facilitating Customs clearances amidst the Covid-19 crisis.

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TECHRX App

A marketplace to connect medical equipment manufacturers with Electronics spare/component/machinery suppliers. Now on Google Play store. Download for free and connect to businesses that need your supply. The app platform allows interaction, exchange of part numbers and pictures of critical parts; spares and components across buyers, sellers and distributors.

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International Trade Centre (ITC): COVID-19 and Small Businesses

As the only international organization fully dedicated to supporting the competitiveness of micro, small and medium-sized enterprises (MSMEs), the International Trade Centre is closely following how the pandemic is affecting MSMEs with a particular focus on those small businesses in developing countries. On this site, they are providing insights and guidance to small businesses searching for ways to cope with the operational stress generated by COVID-19. This will also be a useful resource for business support organizations and policymakers assisting MSMEs in these efforts.

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International Trade Centre (ITC): Tracking of COVID-19 Temporary Trade Measures 

This page monitors temporary trade measures enacted by government authorities in relation to the COVID-19 pandemic, which is rapidly spreading across the world.
Governments are swiftly enacting temporary trade measures that aim to restrict exports of vital medical supplies and to liberalize imports of vital medical supplies.
Due to the rapid development of this extraordinary situation, they are providing a global daily update of enacted COVID-19 trade measures. The objective of this initiative is to improve transparency in international trade and market access in line with the mission of Market Access Map.

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GlobalLinker

To ease the worries and anxieties of Indian SMBs, Mumbai-based SME networking platform, GlobalLinker launched an SME Forum in partnership with Wadhwani Advantage to help businesses be better equipped to respond to the coronavirus outbreak.

The platform is a one-stop solution for SMEs that provides capabilities in the transactional as well as knowledge domain. In the knowledge domain, people can post knowledge resources, comments and the experts can further provide perspective. The transactional domain will have solutions such as a free e-commerce store, a fully digitised supply chain for brands and lastly, a B2B marketplace listing for wholesale transactions.

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Pradhan Mantri Garib Kalyan Yojana

The Scheme under Pradhan Mantri Garib Kalyan Yojana (PMGKY) for the upfront benefit to the Employers having employment up to 100 and whose 90% of the employees were getting wages less than 15000 has been issued.

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Google: COVID-19: Ad credits for Google Ads for Small and Medium-sized Businesses

Google wants to help small and medium-sized businesses (SMBs) stay in touch with their customers during this challenging time. That’s why they’re giving their SMB customers worldwide $340 million in ad credits, which can be used towards future ad spend, until the end of 2020 across Google Ads platforms. This is part of a larger commitment from Google to support SMBs, health organizations and governments, and health workers on the frontline of this global pandemic.
Small and medium sized businesses globally, who have spent with a Google Ads account in ten out of twelve months of 2019, and in January and/or February of this year. Eligible customers are those who advertised directly with Google or through a partner, and adhere to their advertising policies.

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Resource & Relief for Services Industry

Ministry of Corporate Affairs 

In pursuance of the Government of India’s efforts to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19, the Ministry of Corporate Affairs (MCA), has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” which is already in vogue to provide a first of its kind opportunity to both companies and LLPs to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity.

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Razorpay 

Same day settlement with no extra charges: NGOs and businesses in the essential services categories can get settlements on the same day to ensure business continuity during these times.

Zero fees for COVID-19 Relief Donations: Zero Transaction Fees for upto ₹10 Lakh worth of transactions by NGOs collecting donations towards India’s fight against Coronavirus.

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Save Local

Buy gift cards for your favourite post-work drinking holes, go-to grocery & retail stores, hangout spots, leisure havens and family restaurants that are at risk. They need support to see through the national lockdown and pandemic situation.

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