Invoice Loans

Sample1

Inspiration

Being from a farmer family in rural India, we understand problems facing small businesses. Often we have seen small farmers from our village struggling to buy raw materials even though they have customer orders. Unable to get quick funding they have to give up their customer orders. So we wanted to develop idea that helps entrepreneurs to get non collateral loans and get high amount of loan funding from lenders in short possible time.

What it does

Small Businesses have hard time getting non collateral loans. Also, even when they receive loans they get small funding amount. Banks often reject farmer's loans as they need asset as collateral and don't want to give large funding as they don't want to take risk. Our system helps entrepreneurs to get non collateral loans and still get high amount of loan funding from lenders in Kiva platform.

A farmer can upload image of invoice of customer order for example $1000 order and get zero interest funding from Kiva platform. With that funding he can buy necessary raw materials like fertilizers, agriculture equipment, etc needed to fulfil his customer order. Using this system, small businesses can get high loan amount and lenders can also lend risk free.
And After customer pays back, the amount is added to lenders account
Advantage of Invoice discounting is It’s available to small-sized businesses that might have been denied traditional bank finance in the past. And businesses don't have to provide assets as collateral.
It offers a flexible finance solution as per business's requirements and businesses can get funding in short time
All this process happens digitally and loan can be given in few days.

How we built it

We used W3 CSS framework and node js as backend

Challenges we ran into

Major challenge was to integrate all systems in pieces.

Accomplishments that we're proud of

We take pride in bringing an idea once conceptualized in 2018 to reality in 2021 through this hackathon. Most importantly, we take pride in the impact this product would have on small farmers.