HerVikas offers women entrepreneurs upfront discount on small business loans without property collateral; the fintech commits to disburse Rs. 100 Crores in FY20-21.
Kinara Capital, a fast-growing fintech for MSMEs, 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 8 million are run by women entrepreneurs. Timely access to capital is one of the major struggles for women entrepreneurs seeking to grow their business.
Hardika Shah, Founder & CEO of Kinara Capital, said, “Less than 14% 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!”
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 1% 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.