The step was taken by the lending startup after understanding the pain points of microenterprises, the digital credit facility will offer instant loans with bullet repayment facility and COVID protection insurance. 

The Coronavirus outbreak has also impacted about one-fourth of India’s 69 million MSMEs at present. The digital credit facility is uniquely developed to address the working capital woes of Indian micro enterprises during the lockdown period. It will empower them with easy capital access to Rs. 25,000 and Rs. 50,000 with bullet repayment after 6 months. The ML-based lender has further strengthened the offering with COVID-19 protection insurance, wherein full loan waiver is extended to the coronavirus infected, the startup said in an official statement. 

Manish Khera, Founder & CEO, HAPPY said, “The COVID-19 outbreak has deeply impacted the cash flow of all big and small businesses. Perhaps, the economic shockwaves have been felt the most by micro & smaller businesses and they are in urgent need of financial assistance. Our customers are the lifeline of society and economy - the grocer, the restaurant operator, the saloon owner, the money transfer outlet right next to you, the farmer supplying milk, a banking agent facilitating direct benefits transfer who even in this time of health fear and uncertainty is being expected to stay open and deliver the essential services. We spoke to over 300 such MSMEs to understand their immediate financial & health needs. Basis the feedback we quickly turned around to design a unique product - Lockdown Loan with full insurance cover against COVID ”

 The digital lending platform proactively interacted with nearly 300 MSMEs via a survey to understand their sentiments and pain points. The Lockdown Loan was designed and developed basis the survey results to empower the micro-entrepreneurs during these difficult times.