Government agencies are responsible for ensuring that resources are properly allocated to the private sector. This mandate includes designing grants and financial schemes that help enterprises become more scalable and successful.
MyFinB can expedite the functions of enterprises at pre and post stages of grant disbursements.
SCREENING ENTERPRISES WITH GROWTH POTENTIAL
Agencies can adopt a more proactive approach of identifying high growth potential enterprises, without waiting for them to come forward and apply, by acquiring basic financial information from a third party data provider. After processing such information, the MyFinB platform will enable agencies to know which companies are grant-worthy via its financial and business potential ratings. Additionally, MyFinB can measure the socioeconomic impact generated by the grants.
In this manner, MyFinB can assist agencies to measure public value and social impact for each programme implemented for the private sector.
EVALUATING BIDDERS FOR PUBLIC TENDERS
In a tender process, government agencies conduct background checks on bidders as well as evaluate their financial capacity. MyFinB can provide with additional insights for the agencies to make an informed decision beyond the capabilities required for the tender to make a more informed decision beyond the capabilities required for the tender.
Business owners with multiple companies that run afoul of the law or with weak financial positions have a higher risks of failure to deliver large projects issued by the government.
MyFinB helps to aggregate financial and company ownership data; then assigns a financial rating that provides an indication of the riskiness of awarding a public tender to a particular company.
With a strengthened approach of managing the procurement approach, the government agencies can ensure that the public sector projects are executed efficiently and achieve public value.