Micro, small and medium-sized business enterprises (MSME) are defined by the number of personnel that they employ. As the name suggests, these business enterprises are limited in size and throughout the world, outnumber large business enterprises by a big margin. The MSME sector in India is the largest after China and is engaged in the manufacturing of nearly 6000 products of various types.
Today, MSMEs operate in a variety of sectors such as telecommunications, healthcare and electronics and are said to be a major force in India’s growing economy. In order to help these MSMEs grow at a rapid scale government along with many financial institutions have come up with several business loan schemes so that these small-scale business do not fall short of funds. Bank Credit Facilitation Scheme was initiated by the National Small Industries Corporation in collaboration with various national and private banks in India to encourage the MSME sector.