In the thriving garment industry of Bengaluru, Micro, Small, and Medium Enterprises (MSMEs) have a significant opportunity to capitalize on demand-driven growth with the right financing support. As per statistics from the National Investment Promotion and Facilitation Agency, the domestic apparel and textile industry in India already contributes approximately 2% to the country’s GDP, making it a vital sector in the nation’s economic landscape. Moreover, it constitutes 7% of the industry output in terms of value, showcasing its substantial influence.
With revenue in the Indian apparel market surpassing $96 billion and an expected annual growth rate of 3.34%, the potential for expansion and prosperity for MSMEs in Bengaluru’s garment industry is evident. The largest segment in the market, women’s apparel, boasts a substantial market volume of $44 billion, presenting a lucrative avenue for entrepreneurs to tap into. The textiles and apparel sector also plays a pivotal role in employment generation, providing direct jobs to 45 million people and benefiting 100 million more in allied industries, thus boosting economic development and livelihoods.
To fully seize the opportunities presented by this demand-driven growth, MSMEs in Bengaluru’s garment industry need the right financing support. Kinara Capital provides thousands of MSMEs in the city with this essential support through collateral-free business loans. Access to tailored financial solutions enables these businesses to scale up production, invest in modern technology and machinery, expand their product lines, and enhance their marketing efforts.
Geeta and Lallan Gupta and his wife have had a remarkable experience with Kinara Capital, which has significantly contributed to the success of their apparel business, Urban Trends, in Bengaluru, Karnataka. As proprietors of a clothing store catering to men, women, and kids, Urban Trends offers an extensive range of apparel, ranging from formalwear and casualwear to ethnic wear, clubwear, and loungewear. To fuel their business growth and meet its financial requirements, they wisely opted for a HerVikas loan, securing a discount of 1% that proved to be a crucial advantage for their enterprise.
Having taken the loan approximately a year ago, Lallan and his Geeta are delighted with the unparalleled services and favourable terms provided by Kinara Capital. The timely financial assistance allowed them to expand their inventory, improve the store’s infrastructure, and strengthen their marketing efforts, all of which contributed to increased customer footfall and higher sales. Beyond the financial benefits, the couple were very happy with Kinara Capital’s excellent customer support, which helped them navigate the loan application process smoothly and efficiently. For many MSME customers, accessibility becomes a major issue that keeps them from getting the financing they need. Kinara’s customer engagement and support model is aimed at resolving this issue.
With Kinara’s support, Urban Trends has thrived and solidified its position in the competitive apparel market in Bengaluru. The loan not only facilitated their business expansion but also instilled a sense of confidence and reassurance in the couple’s entrepreneurial journey. Lallan and Geeta wholeheartedly recommend Kinara Capital to fellow entrepreneurs, recognizing it as a trusted partner that genuinely cares about the growth and prosperity of small businesses like theirs.
By securing the necessary funding, MSMEs like Urban Trends can meet rising consumer demands, both domestically and through export channels, considering that India is the third-largest exporter of textiles and apparel globally. With the share of textiles, apparel, and handicrafts accounting for more than 11% of the country’s total exports, well-financed MSMEs can tap into international markets and further fuel their growth trajectory. Through consistent and accessible financing support, Kinara is not only enabling MSMEs to achieve their full potential, but also helping them contribute fully to the nation’s economy, propelling India’s progress as a whole.
Geeta and Lallan are among thousands of entrepreneurs who have benefited from Kinara’s loans. If you are a small business entrepreneur, it’s time to get your growth journey started with Kinara Capital. 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.