Amongst many other industries, iron and steel plays an important role in the Indian economy. Iron being a hard metal, makes it difficult for it to be molded into various shapes and sizes. On the other hand, steel being a malleable material can be transformed into any shape and size we want. With continuous modernization and upgradation of old plants, the Indian steel industry is the 2nd largest producer of crude steel in the world.
The construction industry market in India works across 250 sub-sectors with links across many major sectors. It’s a massive market that is expected to reach a valuation of USD 1.4 trillion by 2025. With other regions in India, Andhra Pradesh has a production of 1617 with a capacity of 1905 over 29 units in total with respect to the private sector of production of steel.
Prasad Steel Syndicate - Introduction
Prasad Steel Syndicate is a private venture located in East Godavari District, Rajahmundry, Andhra Pradesh run by Maddula Prasad for the past few years. They provide a variety of structural steel materials like rods, beams, channels, angles in various shapes and sizes along with concrete that make the best building bond. Their business has grown over the years resulting in profitable returns.
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Problem Statement - Prasad Steel Syndicate
Maddula Prasad, the owner of Prasad Steel Syndicate with experience of 18+ years in the iron industry, was motivated to start his own venture with a vast knowledge about the sector. However, he faced a lot of difficulty initially as the funds were not sufficient to build a stable business. Prasad managed to get funding from various sources but he faced restrictions that staggered his growth trajectory.
Next option he had was to borrow money from friends and family, Prasad being a self-made man did not go down that path and refused to borrow money from them.
Solution offer by Kinara Capital
As Maddula Prasad struggled with his business, he was approached by a Kinara field executive at the right time and was introduced to Kinara Capital. The loan officer explained the quick and easy process of availing a collateral-free business loan. Learning about the procedure he instantly applied for a loan by submitting minimal documents and KYC details. Upon verification an initial business loan of INR7 lakhs was sanctioned and transferred to him in no time. It helped him pay off his debts and invest the rest into his business. The quick disbursement process enabled Prasad to take real-time strategic business decisions to propel growth and stability for his venture. He has been growing strength to strength since the initial loan. He took another loan worth INR.1 lakh to expand his business.
Impact of Kinara Capital
The funds received from Kinara Capital helped Prasad to end his struggles and helped him conquer the market with his venture, which has grown to a great extent and is expanding every day. The thought of losing property never crossed his mind during his struggle with Kinara’ collateral free MSME loan.
Maddula Prasad, the founder of Prasad Steel Syndicate shares, "When the Kinara executive talked to me about my business, it felt like I was talking to a family member. I opened up about all my difficulties, and they helped me get the funds I needed. Kinara's services are excellent, and the officers are very polite. They even call you ahead of time to remind you about EMIs, so that you don't default. I hope they keep providing their support to small business owners, so that many more can succeed like I have."
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