Kinara Capital to disburse Rs 800 cr biz loan in FY24
Expects 20 per cent growth in business this financial year from MSMEs in Telangana and AP
image for illustrative purpose
Hyderabad Expects 20 per cent growth in business this financial year from MSMEs in Telangana and AP
Since the fintech began its operations in both the Telugu states in 2016, the company has disbursed over 20,000 business loans to mostly micro- and small- enterprises in the urban and semi-urban regions. Kinara Capital recorded an AUM growth of 190 per cent from FY22 to FY23 from these regions. Kinara has disbursed more than Rs 1,200 crore to MSMEs here which led to over Rs 36 crore in incremental income generation for the small business entrepreneurs and created over 16,000 new jobs in the local economies.
Thirunavukkarasu R (Thiru R), Chief Operating Officer, Kinara Capital, said: “The impact of supporting micro-small-medium enterprises (MSMEs) builds stronger communities with new opportunities for income generation and job creation. Kinara Capital brings access to formal credit to MSMEs by providing collateral-free business loans in the range of Rs 1-30 lakh. With the type of entrepreneurial commitment that we see here, we expect 20 per cent of our growth this financial year to come from MSMEs in Telangana and Andhra Pradesh.”
The products available include long-term and short-term working capital, asset purchase (Machinery Purchase), and Bill Discounting loans. Additionally, women-owned MSMEs receive an upfront 1-2 per cent automatic discount on business loans. The company also provides non-financial services such as free workshop series held in Telugu and other languages with information to help businesses scale.