AHMEDABAD – July 11, 2019 – Kinara Capital, a leading small business lender in India driving financial inclusion, today announced a century milestone with its 100th branch inauguration and expansion of services across six states. The opening of the 100th branch in Ahmedabad also marks the growth of the company in the promising, vibrant economy of Gujarat, its newest market.
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. The company’s current total assets under management (AUM) is nearly INR 700 crores.
In Gujarat, Kinara Capital has provided financing to almost 1000 small businesses since it opened its first branch in the state in September 2017. The company currently has eight branches in Ahmedabad, Anand, Ankaleshwar, Bhavnagar, Jamnagar, Odhav, Rajkot, Surat, and Vadodara, and plans on doubling its presence in the state by March 2020.
Hardika Shah, Founder & CEO, Kinara Capital said, “Gujarat is famous the world over for its strong entrepreneurial spirit. We are reaffirming our commitment to support small business entrepreneurs here by providing reliable access to capital without taking property collateral. Small business owners in Gujarat have traditionally taken personal and informal loans for business use, however, they are opening up to formal lending with changes stemming from demonetization and Goods and Services Tax (GST) policies. We will continue to increase our presence in this state to empower small businesses to scale-up on their own terms.”
Kinara’s highly-trained field staff at branch locations provide a critical last-mile service to local, small business entrepreneurs who are often new to formal lending. The field representative introduces the entrepreneurs to customized lending solutions and helps them with each step of the loan process. A technology-enabled digital approach is combined with in-person customer service to deliver value to the small businesses, many of whom return to Kinara Capital for additional funding needs as they grow their business.
Kinara Capital was founded with the vision of building an inclusive economy for small business entrepreneurs. The company believes that smart lending creates economic opportunities which has a ripple effect on livelihoods. Since its inception in 2011, Kinara Capital has disbursed more than INR 1,200 crores by over 35,000 loans in India, which has positively impacted more than half a million lives with income generation, job sustenance, and new job creation. About 28% of all new jobs created went to first-time wage earners.
