TN State is the largest market for Kinara Capital 30 branches in TN support local small business growth.
CHENNAI — July 4, 2019 — Kinara Capital, a leader in financial inclusion for small business entrepreneurs in India, today announced expansion in the state of Tamil Nadu by opening new branches in the fast-growing Tier II cities of Sivakasi, Theni and Thoothukudi. This brings the total number of Kinara Capital branches to 30 in Tamil Nadu. The state of Tamil Nadu is the largest market for Kinara Capital. Tamil Nadu constitutes 34% of Kinara Capital’s total outstanding assets under management (AUM) of nearly INR700 crores.
Kinara Capital opened its first branch in Tamil Nadu in Coimbatore in 2014. Since then, the company has continued to extend financial inclusion by providing 13,000 loans to small business owners in Tamil Nadu, with most of them new to formal lending or first-generation entrepreneurs. Kinara Capital provides fast and flexible loans to small businesses in the range of INR 2-25 lakhs, without taking property collateral, and disburses the loan within 5-7 days. Thirunavukkarasu R. (Thiru), Chief Operating Officer (COO) of Kinara Capital said, “Tamil Nadu embodies the spirit of hard work and entrepreneurialism and the state has been recognized worldwide as a model of strong economic development. As small businesses continue to grow, they require quick and reliable access to capital. We are addressing this critical pain point by expanding our presence in the state, and offering doorstep service to even more entrepreneurs in the fast-growth regions of Tamil Nadu.”
Tamil Nadu is the second largest state economy in India and home to almost 50 lakh micro-small-medium-enterprises (MSMEs). Tier II and Tier III cities in the state are experiencing rapid development, however, small business entrepreneurs who do not have property collateral struggle to acquire finance. Kinara Capital helps such small businesses by providing unsecured loans for working capital, new or used machinery purchase, line of credit, and other business growth needs.
Kinara Capital has disbursed more than INR1200 crores across 35,000+ loans in India, which have positively impacted more than half a million lives with job sustenance, new job creation, and income generation. Women were hired in 22% of the new jobs created by small businesses funded by Kinara Capital, and about 28% of all new jobs went to first-time wage earners.