Tag: and Medium Enterprises

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Renowned NBFCs shaping the MSMEs sector

Jun 25, 2024 by Sujata Muguda 0 Comments #and Medium Enterprises, #India's micro small, #LendingKart Finance Limited, #Mahindra Finance, #NBFC-MSME, #NBFCs shaping the MSMEs sector, #SAVE Financial Services Pvt. Ltd.

In today’s dynamic economic environment, India’s micro small, and medium enterprises (MSME) space has been shaped by NBFCs. They act as the vital service providers for businesses who often find it tough to access traditional banking services. Direct-giving working capital offers and increasing financial inclusion in semi-urban and rural regions, such initiatives nationwide are vital for the economic development of the country as a whole. Let’s delve into leading NBFC-MSMEs to understand both their impact on the MSME sector and its development and how they contribute toward overall business success in India.

1. SAVE Financial Services Pvt. Ltd – SAVE Financial Services Pvt. Ltd. is an NBFC-MSME, started its business operations in 2018. It is a wholly owned subsidiary of SAVE Solutions Pvt. Ltd. Starting as a full-fledged NBFC-MSME, SAVE Financial Services offers various Secured and Unsecured Loan Products, while working with the aim to provide Employment, Income Generation, Financial Inclusion, and Development of Rural population. The Loan Products offered by SAVE Financial Services include Loan against Property/ Plot and Business Loans. Leveraging the deeply penetrated network of SAVE Solutions Pvt. Ltd., encompassing a spread of 14000+ CSPs, which service over 21 million rural Indians residing in 8600+ villages, that are spread across 559+ districts in 28 States and 6 Union Territories; SAVE Financial Services has forayed into lending the unserved and under-served populations across the states of India. They have done an in depth study of this segment and created a model which is dependent on non-traditional ways of loan underwriting, which makes us unique in our offerings for the MSME finance segment. SAVE Financial Services Pvt. Ltd also customizes credit programs for each customer thus helping them scale their business to the next level. Currently, they are present in 24 locations of Delhi NCR, Bihar, UP, Haryana, Uttarakhand, Jharkhand, and Rajasthan.

2. LendingKart – LendingKart Finance Limited, an NBFC established in 2014, aims to provide quick and easy working capital loans to MSMEs, as a wholly owned subsidiary of LendingKart Technologies specializes in providing quick and easy business cash loans to MSMEs using advanced technology and data analytics uses. They mainly focus on unsecured financial products to promote LendingKart performance, revenue and overall collaboration improvements the measurement is lenders based on business performance and lifestyle factors rather than traditional credit scores through an analysis of complied with, LendingKart ensures loans for employees with strong growth rates but limited credit histories. The company facilitates quick loans, usually within 72 hours, which is crucial for MSMEs that need immediate funding for operations or expansion. Operating nationwide, Lendingkart has empowered thousands of small businesses to offer customized lending solutions that support their sustainable growth and development, and builds on its role in the economy of sustained growth and highlights innovation in microfinance across India.

3. Muthoot Fincorp- Muthoot Fincorp Ltd is India’s leading non-bank finance company (NBFC), part of the prestigious Muthoot Pappachan Group Dealing in gold loans, commercial loans and MSME loans in particular, Muthoot Fincorp operates branches spread across the country, ensuring customer accessibility to rural and semi-urban areas. The company’s MSME loans, especially small and medium Cater to the needs of corporates, providing critical financing for working capital, business expansion, equipment procurement, and other business needs Known for its customer-centric approach and effective credit management, Muthoot Fincorp facilitates rapid access to finance, helping MSMEs grow and develop a it will last forever Muthoot Fincorp is committed to financial inclusion Contributes significantly to financial strength and stability in countries, which reflects its role as a trusted partner for MSMEs striving to achieve business success and growth in the whole of India.

4. Mahindra Finance- Mahindra Finance is one of the leading Non-Banking Financial Companies (NBFC) in India that has concern in offering financial solutions for Micro and Small and Medium Enterprise. SME loans and MSME loans are provided by the company, which helps to cover working capital needs or purchase new equipment and facilities, expand the company or non-recurrence of which may hamper its smooth operating expenses for small business operations Mahindra Finance has a large number of branches, and with an emphasis on the countries’ rural areas, it makes the financial services accessible Mahindra Finance thus enables MSMEs to overcome the financial barriers to With economic enabler to the booming Indian economy, Mahindra Finance leads as an instrument of developmental milestone to the economic growth of the nation’s MSME businesses in rural regions.

5. ZipLoan – ZipLoan is an Indian based Fintech Platform and Non-Banking Financial Company (NBF). The main focus of ZipLoan’s services is to offer small business loans to Micro, Small and Medium Enterprises MSMEs. ZipLoan was founded to cater to the funding requirements of the micro and small business enterprises that require collateral-free working capital by providing business loans with less documentation using technology interventions for fast and efficient processing. To this end, the company operates within the financially neglected middle and lower stratum of the business establishments consisting of MSMEs and offers loan services, which are; working capital loan, machinery loan, and business expansion loan that suits the client’s needs most. Specifically, as a provider of micro-enterprise credit, ZipLoan is dedicated to rendering financial services to some segments of the Micro, Small, and Medium Enterprises (MSME) that are difficult to access credit, hence fostering the development of these segments and the economy at large.

Tribal Affairs Ministry joins hands with KVIC for new uniforms of Tribal students and promote tribal entrepreneurship
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Tribal Affairs Ministry joins hands with KVIC for new uniforms of Tribal students and promote tribal entrepreneurship

Jan 21, 2021 by Rekha Nair 0 Comments #and Medium Enterprises, #Eklavya Model Residential Schools (EMRS), #National Scheduled Tribe Finance Development Corporation (NSTFDC) and National Education Society for Tribal Students (NESTS), #Shri Arjun Munda, #Shri Nitin Gadkari, #Small, #The honorable Union Minister of Tribal Affairs, #Union Minister of Micro

New Delhi: The Ministry of Tribal Affairs under two of its associated agencies namely National Scheduled Tribe Finance Development Corporation (NSTFDC) and National Education Society for Tribal Students (NESTS) shall be entering into 2 MoUs with Khadi Village Industries Commission (KVIC) to procure school uniforms for tribal students and also to promote tribal entrepreneurship.

Under the first agreement the agency National Education Society for Tribal Students (NESTS) will be procuring around 6 lakhs meters of Khadi fabric at an approximate cost of Rs.15 crore from KVIC. This move will benefit around 75,000 students residing in the remotest part of the country in 23 states. The next year government is planning to increase its budget to Rs 50 crores which would benefit around 360000students in 750 schools. KVIC will be able to offer fabric for the Pant & Shirt of Boys and Kurti, Salwar & Jacket for the Girls.

The honorable Union Minister of Tribal Affairs, Shri Arjun Munda on the occasion stated that the Ministry has laid a lot of emphasis on the development of tribal education through one of its flagship interventions of Eklavya Model Residential Schools (EMRS) to impart quality education to ST students.

“As part of the revamping of the program, it was felt to have a standard school uniform design for the students keeping in view the various climatic factors. The focus of the government and the clarion call of Hon’ble Prime Minister to embrace Khadi as a philosophy and recently as a critical component of the AtmaNirbhar Bharat strategy, the Ministry felt it appropriate to source the fabric for uniforms of EMRS Students from KVIC,” The minister added.

The minister informed that in the year 2018-19, the Eklavya Model Residential School scheme was revamped to substantially increase the geographical outreach and introduce various qualitative changes to improve the learning outcomes of the students. “452 new EMRSs will be coming up in the remote tribal blocks of the country. This is a giant leap in the arena of tribal education as by the year 2022 there will be 740 EMRS across the country,” He said.

The second MoU will be signed between NSTFDC and KVIC. NSTFDC is a Section 25 company under the Ministry of Tribal Affairs responsible for implementing concessional loan schemes for the economic development of tribals in India for funding entrepreneurial ventures of aspiring scheduled tribes in all sectors of the economy. NSTFDC has been enrolled as an implementing agency under PM Employment Generation Program (PMEGP scheme) in order to increase the coverage of PMEGP amongst STs. Therefore the proposed MoU between NSTFDC and KVIC will formalize this arrangement and will be a landmark initiative to bring synergy between NSTFDC and KVIC in reaching out to tribal entrepreneurs under the larger ambit of the PMEGP scheme.

The Tribal Affairs Ministry has also partnered with the National Institute of Fashion Technology (NIFT), New Delhi as a part of the revamping exercise. The MOU is been signed in the presence of Honorable Minister of Tribal Affairs and Honorable Minister of Micro, Small, and Medium Enterprises (MSME).

Union Minister of Micro, Small, and Medium Enterprises, Shri Nitin Gadkari explained that Children, who are the future of this country, have always been a focus of various schemes and programmatic attention of Government of India.

“Be it schemes of education, sports, skill development, nutrition or all-round development taking the concept of ‘SabkaSaathSabka Vikas’, Government of India has taken a number of landmark steps. There could not be a more befitting way than this to take the message of Mahatma Gandhi to the tribal villages as the country is in the midst of “150 years of Celebrating the Mahatma,” Shri Gadkari mentioned.

The dignitaries who were present at the event included honorable Minister of State, MSME- Shri Pratap Chandra Sarangi, Honorable Minister of State, Tribal Affairs- Smt Renuka Singh Saruta, Chairman KVIC- ShriVinai Kumar Saxena and Shri Deepak Khandekar, Secretary- Tribal Affairs.

In the welcome remarks, Shri Vinai Kumar Saxena, Chairman KVIC welcomed the honorable Minister of MSME, Shri Nitin Gadkari to the event, Shri Satya Narayan, Dy Chief Executive officer, North Zone welcomed the honorable Minister of Tribal Affairs, Shri Arjun Munda, Dr.Navaljit Kapoor, Joint Secretary, Ministry of Tribal Affairs welcomed the honorable Minister of State, MSME- Shri Pratap Chandra Sarangi to the event, Smt Sarita, Dy Director- MDTC, Delhi welcomed honorable Minister of State Tribal Affairs- Smt Renuka Singh Saruta, Shri Asit Gopal, Commissioner, NEST welcomed Chairman KVIC- Shri Vinai Kumar Saxena and Dr. V K Nagar, Dy CEO (KGB N. Delhi/ S.O Delhi) welcomed Shri Deepak Khandekar, Secretary- Tribal Affairs to the event.