Walmart Vriddhi, D&B Team Up for MSME Credit, Contracts

Indian micro, small and medium enterprises (MSMEs) are gaining a much-needed boost. Walmart’s supplier development program, Vriddhi, recently announced a collaborative effort with Dun & Bradstreet (D&B), a leading data and analytics company. This partnership aims to empower MSMEs by providing them with easier access to credit and equipping them to compete for government contracts.

D-U-N-S Number: Unlocking Financial Opportunities

A critical element of the Walmart Vriddhi-D&B partnership is the provision of D-U-N-S numbers (Data Universal Numbering System) to MSMEs registered under the program. This unique nine-digit identification number functions as a global business identifier. With a D-U-N-S number, MSMEs can establish their creditworthiness and track their credit activity, both crucial factors for securing loans.

Previously, the absence of a credit history or a recognized business identity often restricted MSMEs from obtaining loans or participating in government tenders. The D-U-N-S number, assigned through Dun & Bradstreet’s identity resolution process, will address this challenge by providing MSMEs with a credible and verifiable profile. This will not only improve their chances of securing loans from banks and financial institutions but also make them eligible for government benefits and contracts that often have creditworthiness requirements.

Equipping MSMEs with Knowledge for Growth

The collaboration extends beyond just facilitating credit access. Dun & Bradstreet will offer two valuable learning modules to MSMEs enrolled in the Vriddhi program. These modules focus on deciphering government schemes for MSMEs and understanding Environmental, Social, and Governance (ESG) practices.

This knowledge will equip MSMEs to navigate the complexities of government programs and identify opportunities that align with their business goals. For instance, many government schemes offer financial aid, tax breaks, and subsidies specifically for MSMEs. Understanding these schemes can be instrumental for MSMEs seeking to expand their operations or invest in new technologies.

The focus on ESG will help MSMEs become more sustainable and responsible organizations. This not only benefits the environment and society but also enhances their credibility and marketability. Increasingly, large corporations and ethically conscious consumers are looking to partner with businesses that demonstrate strong ESG practices. By incorporating sustainable practices, MSMEs can improve their brand image and gain a competitive edge.

A Catalyst for a Thriving Business Ecosystem

Joseph Julian, Program Director at Swasti, the program partner for Walmart Vriddhi, emphasized the significance of the partnership. He highlighted Vriddhi’s commitment to supporting MSME growth, particularly in e-commerce, and D&B’s expertise in building business credibility. This collaboration is expected to be a win-win for both MSMEs and large corporations like Walmart. By empowering MSMEs, Walmart Vriddhi and D&B are fostering a more inclusive and robust business ecosystem in India, where small businesses can flourish and contribute to the country’s economic growth.

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