Kinara Capital Advances HerVikas Business Loans Program for Women; Commits to Disburse INR 200 crores in FY22-23
HerVikas drives financial inclusion of MSME women entrepreneurs in India
● INR 125 crores disbursed so far across 2,000 HerVikas business loans for women
● HerVikas customers report an average 20% increase in incremental income
● HerVikas discount is automatic in myKinara app, no separate application needed
BANGALORE, March 15, 2022 – Kinara Capital, India’s fast-growing MSME fintech, is advancing women entrepreneurship with a commitment to disburse INR 200 crores via its HerVikas women business loans program in the coming fiscal year FY22-23. HerVikas offers MSME women entrepreneurs access to collateral-free business credit with an automatic discount thereby driving financial inclusion of an underserved segment. In the past two years, Kinara Capital has disbursed more than INR 125 crores across 2,000 HerVikas business loans to MSME women entrepreneurs.
Hardika Shah, Founder & CEO of Kinara Capital said, “HerVikas is a successful program because it is providing catalytic capital to MSME women entrepreneurs for business growth without a collateral requirement. In India, 90% of MSME women entrepreneurs do not avail formal credit options, mostly due to lack of land or property collateral. We are proud to renew our commitment for HerVikas business loans because women entrepreneurs don’t just earn a livelihood, they change the lives of their families and communities!”
Overall, Kinara Capital has supported more than 6000+ women entrepreneurs to date, with about 28% of them becoming repeat customers. This has led to a direct impact of INR 10 crores in incremental income generation for the MSME women entrepreneurs and supported 10,000+ jobs in local economies. Gender bias, social norms, and timely access to formal credit are some of the major challenges for women entrepreneurs seeking to grow their businesses. Kinara has made a systemic shift by eliminating bias from its process and providing an upfront discount on collateral-free credit.
AI/ML-based data-driven credit decisioning systems further ensures that loan applications are approved on the basis of the business actuals and not the gender of the applicant. The myKinara app has made this process even easier for women entrepreneurs as the automatic HerVikas discount is applied digitally with no separate application required. Available in vernacular languages, the myKinara app can take MSME applicants from loan decisioning-to-disbursement within 24-hours, putting the power at their fingertips.
Kinara Capital offers fast and flexible business loans in the range of INR 1-30 lakhs with the HerVikas discount automatically offered across all its products for women entrepreneurs. HerVikas business loans to MSME women entrepreneurs are available in 90+ cities across the six states where Kinara Capital has a presence in Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, Maharashtra, and UT Puducherry.
About Kinara Capital
Kinara Capital is a fast-growing fintech propelling financial inclusion of small business entrepreneurs in India. Boasting a women-majority management team, the company is globally recognized for disrupting MSME financing. With its myKinara app, Kinara Capital has enabled a fully digital process for MSMEs to secure collateral-free loans within 24-hours. Qualified as a Systemically Important NBFC by the Reserve Bank of India, Kinara Capital is a debt-listed entity on the Bombay Stock Exchange (BSE). Headquartered in Bangalore, Kinara Capital has 110 branches across 90+ cities in India. Visit www.kinaracapital.com for more information and follow us on Twitter @KinaraCapital
This press release may contain projections and other forward-looking statements regarding future events or future financial performance. These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Given business risks and uncertainties, undue reliance on these forward-looking statements should not be placed. Actual events or results may differ materially from those contained in the projections or forward-looking statements.
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