Rainbow Metal Cutting
With a little support from Kinara, Manoharan was able to increase his turnover from Rs. 50,000-60,000 to Rs. 8-9 lakhs per month. He was also able to create jobs for 7 workers.
While it’s common knowledge that small business entrepreneurs often face rejection when they approach banks for a loan, what is not often acknowledged is how significant a setback this can be for their business. Often expansion plans have to be put on hold, and the growth trajectory of the business may be stunted if capital can’t be accessed in a timely manner.
Manoharan faced the disappointment of having to shelve his plans to get a big machine and improve his operations when banks repeatedly rejected his loan application because he had no property collateral to offer. He started off with the aspiration to become an entrepreneur, and worked his way to starting his own business with one small cutting machine. But what he really wanted to do was install a large and efficient machine, which would help elevate his production process. But after facing numerous rejections, he decided to put his plan on hold. But fate had other plans for Manoharan, because a friend happened to introduce him to Kinara Capital around this time. He decided to approach the company and was pleasantly surprised when his application was not only accepted, but he received the loan amount in just 4 days! He shares, “Since I got the loan and was able to buy a new machine, my turnover has increased from Rs. 50,000-60,000 to Rs. 8-9 lakhs per month, and I now employ 7 workers. Today I’m proud to say that Kinara has made a big contribution to the way my life and business have turned out.”