Finova Capital will pay a loan worth Rs 100 cr to MSMEs in 2017
New Delhi, March 15 (KNN) After disbursing a loan amount of Rs. 20 crore to over 220 MSMEs in 2016, Finova Capital has set itself the goal of disbursing loans worth Rs. 100 crore in 2017 to the Indian MSME sector.
Finova Capital is an NBFC licensed by the Reserve Bank of India (RBI).
In the year since its launch, the company has already disbursed loans worth Rs. 20 crore to over 220 small-scale traders, with the note size of Rs. Nine lakh.
“The MSME sector in India contributes strongly to the country’s GDP, while creating employment opportunities. Despite their efforts, the industry often struggles to access traditional financial services, due to various factors including lack of documentation, tedious paperwork and others, â€said Mohit Sahney, MD and CEO of Finova Capital.
The target loan will be disbursed by Finova Capital among small business owners, with a primary focus on electricians, plumbers, carpenters, hairdressers and food kiosk owners.
Finova Capital offers a flexible ticket size of loans between a minimum of Rs. Two lakh to Rs maximum. 20 lakh, as needed.
In just one year of its operations, Finova Capital has grown into one of the most preferred financial service providers among MSMEs in India.
