Customer Success Story: Garuda Steel

May 22, 2023
Updated on

Women-owned businesses are increasingly recognized as a driving force behind economic growth and development worldwide. Women entrepreneurs bring unique perspectives and skills to business ownership, and their contributions can have a significant impact on local economies and communities. In fact, studies have shown that women-owned businesses have a positive impact on the job market, GDP, and overall economic growth of nations.

Research has found that women-owned businesses have the potential to create jobs at a faster rate than male-owned businesses. This is because women entrepreneurs are more likely to hire other women and invest in their local communities. Women-owned businesses also tend to contribute to economic growth by generating income and increasing consumer demand. Women entrepreneurs also bring innovative ideas and solutions to the market, which can lead to new products and services that stimulate economic growth.

Supporting women-owned businesses has the potential to positively impact the economy as a whole. When women are given equal access to resources and opportunities, they can drive economic growth and help to close gender gaps. Kinara Capital has been doing its part in mobilizing women entrepreneurs through its special HerVikas loans, which offer an upfront discount to women-owned businesses to help them expand their operations and contribute to the advancement of the economy as a whole.

Introduction: Garuda Steel

Geetha and her husband Thiyagarajan started their company named Garuda Steel in Chennai, Tamil Nadu, 15 years ago. They started working with just 1 machine and 1 worker to assist them, eventually adding one more employee. 

When Geetha and her husband started the business, they had a lot of financing issues and struggled due to the lack of funds. Around this time, they were approached by a Kinara Capital representative, who offered to help them get a collateral-free business loan. Being in dire need of financing, Geetha readily accepted the help, and she was soon issued a HerVikas loan of Rs. 2 lakhs with an upfront discount.

Consistently supporting growth

They paid off the loan soon, and approached Kinara for another round of financing, which they used to buy raw materials, and bring additional workers on board. This led to a huge boost for her company, making Geetha another successful HerVikas business owner.

She shares, “With the financing support from Kinara, we were able to start buying raw materials, which helped us take on more orders. We also added 5 workers, which helped our operations run very smoothly. Earlier, we used to make only a small amount, which we invested in running the business, but now our turnover is around Rs. 5 lakhs, and we make a profit of around Rs. 1 lakh. This is all thanks to Kinara Capital!”

Grow your MSME with collateral-free business loans

Larger impact of Kinara’s support

The impact of Geetha’s business expansion is not limited to her local economy. It has an incremental effect on the nation’s progress as a whole. When more women entrepreneurs like Geetha are supported and empowered, they can contribute to the overall economic growth of the country. In addition, they can act as role models and inspire other women to pursue entrepreneurship and break gender stereotypes, as well as change the standard of living for their own families, and by extension, the community as a whole.

Geetha’s ability to expand her business and create jobs was significantly boosted when she received a HerVikas loan. By providing her with the loan, Kinara enabled her to invest in her business and expand her operations, which, in turn, led to the creation of more jobs and increased income.

Geetha is one of 45000+ MSME entrepreneurs in India who have benefited from Kinara Capital’s collateral-free MSME business loans. Kinara Capital, an RBI-registered, Systemically Important NBFC in India with an aim to empower the MSME sectors has disbursed 75000+ business loans worth INR 3500+ crores to date. With its branches across 3000+ pin codes, Kinara provides doorstep services in vernacular.

To get a business loan for your small business, check your loan eligibility in 1 minute in the myKinara App by downloading it from the Google Play Store, with 7 language options available, choose your preferred vernacular. You can now get a business loan by giving a missed call on 080-68264454 and go from decision to disbursement within 24 hours.

You may also like