{"id":1169,"date":"2020-11-19T11:20:06","date_gmt":"2020-11-19T05:50:06","guid":{"rendered":"https:\/\/open.money\/blog\/?p=1169"},"modified":"2023-03-17T17:50:30","modified_gmt":"2023-03-17T12:20:30","slug":"get-the-perfect-business-credit-card-for-all-your-emergency-credit-needs","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/get-the-perfect-business-credit-card-for-all-your-emergency-credit-needs\/","title":{"rendered":"SMEs, your struggle with emergency business credit ends now"},"content":{"rendered":"Growing businesses often see a ton of expenses piling up. As a business owner, you find yourself more often than not, weighing different business credit options to tap into.<\/span>\r\n\r\nTo make matters worse, the knock-on effects of COVID-19 are seemingly endless.<\/span>\r\n\r\nNot too many blog posts ago, we had filled you in on how in times such as these, a dynamic scoring model is apt to meet the capital requirements of SMEs at scale.<\/span>\r\n\r\nNow let\u2019s take a closer look at the current scheme of things.<\/span>\r\n

Government’s mega funding plans – falls short of what’s needed<\/b><\/span><\/h2>\r\nAs the pandemic<\/a> drags on, causing havoc to most small businesses – the government has stepped up to pitch in with their support during these tough times.<\/span>\r\n\r\nFrom asking banks to extend emergency credit lines to corporate borrowers on easier terms, to offering relief schemes such as the Emergency Credit Line Guarantee Scheme (ECLGS) – the government has left no stone unturned.<\/span>\r\n\r\nHaving said that, these efforts fail to hold good.\u00a0<\/span>\r\n\r\nWhy? Because, get this – <\/span>from the 4.5 million MSMEs eligible for the <\/span>ECLGS <\/span>scheme, <\/span>only 2.4 million, or 53 percent<\/a>, have secured loans<\/span>. Not what you expected, right?<\/span>\r\n\r\nRegardless of the many attempts to offer liquidity support to MSMEs, there was a <\/span>severe year-on-year contraction of 12.7 percent in June 2020<\/a><\/span> in the credit offtake from the MSME sector.<\/span>\r\n\r\nWhile this definitely appears as another setback, it also allows businesses the opportunity to explore new options!<\/span>\r\n\r\nAt Open, we\u2019re working towards powering SMEs<\/a> every step of the way. We’ve built alternative credit options that cater to the growing needs of SMEs. Let’s find out more.\ud83d\udc47\u00a0<\/span>\r\n

Open\u2019s emergency credit line options that make sense for your business<\/b><\/span><\/h2>\r\nFirst on the list – we\u2019re talking about cash flow based lending.<\/span><\/em>\r\n\r\nThis has now taken the lead as the best-fit approach for credit assessment and decisioning in these trying times.<\/span>\r\n\r\nWith the dynamic scoring model, Open has come up with a timely solution that helps lenders <\/span>match demand to the right source based on cash flow and other macro-economic factors apart from historical data.<\/span>\r\n\r\nBy aggregating the entire cash flow data of a business in one place, Open is uniquely positioned to empower lenders to arrive at smarter credit decisions. This way, SMEs can look forward to meeting their working capital requirements a lot faster.<\/span>\r\n\r\nNext up – business credit cards<\/a>.\u00a0<\/span><\/em>\r\n\r\nThey have been the talk of the town and for reasons more than one. \ud83d\ude07<\/span>\r\n\r\nOpen takes things up a notch with its very own <\/span>business credit card – Founder One card<\/a><\/span>. Loaded with intuitive features like built-in expense management and accounting, this <\/span>business line of credit option works wonders for SMEs and startups.<\/span>\r\n

Founder One card – Put an end to all your struggles with cash crunch<\/b><\/span><\/h2>\r\nHands down the smartest credit card<\/a> for businesses out there, the Founder One card comes with a range of much-in-demand features.<\/span>\r\n\r\nFor starters, applying for a business credit card has never been this easy.<\/span>\r\n\r\nWith the Founder One card, you now get to do away with the never-ending list of documentation. That\u2019s right. We\u2019re keeping it simple.<\/span>\r\n\r\nJust sign up for Open\u2019s online bank account<\/a><\/span>, head to the dashboard, complete your KYC and activate your business credit card.<\/span>\r\n\r\nNo hefty fixed deposits needed either. Oh, and did I mention that the credit limit goes up to Rs. 10 Lakhs based on how you use the Open platform?\u00a0<\/span>\r\n\r\nYou also get an interest-free credit period for the first 30 days. Pretty neat, huh? \ud83d\ude04<\/span>\r\n\r\nWith the Founder One card, business owners get complete control and visibility of their expenses. Simply assign digitally generated virtual cards or expense cards to your team, set limits on funds and stay on top of \u2018who is spending on what\u2019 all the time.<\/span>\r\n\r\nAnd…we\u2019re saving the best for the last \ud83d\ude0e<\/span>\r\n\r\nThe Founder One card can be used in the debit mode as well, which simply means you can top up your Open account that is linked to the card and increase your spendable limit just like that – without having to wait on banks for weeks.<\/span>\r\n

Bridging the credit gap with Open<\/b><\/span><\/h2>\r\nSMEs, things are about to get a lot better from here on.<\/span>\r\n\r\nIf you\u2019re looking to get back on track and run your business smoothly, then simply sign up on Open and<\/span> access the business credit you need today<\/span>.<\/span>\r\n\r\nYou\u2019ve got this! And we\u2019ve got you!<\/span>\r\n\r\nSwitch to Open\u2019s online bank account, get your Founder One card and manage your business expenses, banking, payouts & accounting in one place, like never before.<\/span>\r\n\r\n \r\n\r\nRelated Articles –\r\n\r\nSimplify your startup expenses with the smartest credit card<\/a>\r\n\r\nPrepaid expense cards \u2013 A guide on managing your offline business expenses<\/a>\r\n\r\nEverything you need to know about Open\u2019s Corporate Cards<\/a>\r\n\r\nEverything you ever wanted to know about Open\u2019s Virtual Cards<\/a>\r\n\r\nHow to manage online subscriptions with Open\u2019s business virtual cards<\/a>\r\n\r\nStep up your expense management game with virtual cards<\/a>\r\n\r\n \r\n\r\n\r\n\r\n