Bengaluru (Karnataka) [India] March 4 (/PRNewswire): Kinara Capital, a fast-growing fintech for MSMEs, today announced HerVikas business loans to accelerate financial inclusion of women entrepreneurs in India.
In the coming fiscal year, Kinara Capital has committed to disbursing Rs 100 crores in HerVikas small business loans to women entrepreneurs.
HerVikas aims to encourage women entrepreneurship with an upfront discount provided on business loans without property collateral. Of the nearly 58 million businesses in India, about eight million are run by women entrepreneurs. Timely access to capital is one of the major struggles for women entrepreneurs seeking to grow their business.
"Less than 14 per cent of all businesses in India are owned by women, and the number of women entrepreneurs has been declining over the last decade. Empowering women entrepreneurs uplifts local economies and creates new jobs in communities. That's why we are committing Rs 100 crores to boost women entrepreneurs' progress, her vikas", said Hardika Shah, Founder & CEO of Kinara Capital.
Any woman entrepreneur who applies for a loan from Kinara Capital in the range of Rs 2-25 lakhs shall be eligible to an upfront one per cent processing fee deduction.
This concession will be offered across all currently existing loan products, such as working capital, asset purchase, bill discounting, line of credit, and supply chain financing.
HerVikas is available in the states of Karnataka, Telangana, Andhra Pradesh, Gujarat, Maharashtra, Tamil Nadu, and UT Puducherry, where Kinara Capital is currently operational with 110 branches.
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( With inputs from ANI )