Helping Hand - SME

Inspiration

Recently, we came across a Timber Merchant, who had cash flow issues despite doing good business due to pending invoices. He had to find other resources to keep his business afloat because procuring a loan from the bank was a challenge.
Upon deeper inquiry we realised that this is a common challenge. Small and Medium scale Entrepreneurs play a significant role in the entire global economy and predominantly developing countries. According to the World Bank, global SMEs stand for about 90% of businesses and more than 50% of employment worldwide. Organized SMEs contribute up to 40% of national income (GDP) in emerging economies. In emerging markets, most formal jobs are generated by SMEs, which generate 7 out of 10 jobs. Using our solution, Merchants will have the possibility to convert his invoice into a Verifiable Credential and can be used to avail loan from lenders.

Before Helping Hand

Sanjeev, a Timber depot SMEs entrepreneur, is planning to avail loan for his working capital in Hyderabad, India and planning to approach financial institutes with pending invoices as collateral.

As he approaches financial institute, the loan appraiser struggles to verify that his financial reports are legitimate as different financial institutes may have different templates for invoice financing

AfterHelping Hand

Instead, Sanjeev could provide his verifiable credentials which contain pending invoice information to the loan appraiser and is also able to use the same credential if he wants any other financial benefits like insurance.

How we built it

To implement this solution we used following technologies reactR JS, Type Script, Java Script and affinidi APIs and SDKs

Challenges we ran into

We had issues finalizing schemas for our Use-case

Accomplishments that we're proud of

We are successfully implemented issuance flow. The Schema like NameOrganizationCredential and NatIDNumCredentialOrganization can used in multiple Use-cases