Finova Capital, an NBFC licensed by Reserve Bank of India, has committed to disburse loans worth Rs 100 crore in 2017 to the micro, small and medium enterprises (MSMEs) in India. The loans will be given to small business owners, with primary focus on electricians, plumbers, carpenters, hairdressers, tea stallers and food kiosk owners among others.
“The MSME sector in India is a strong contributor to country’s GDP, along with creating employment opportunities. Despite their efforts, the sector often finds it challenging to access the traditional financial services, due to various factors, including lack of documentation, tedious paperwork and others,” Mohit Sahney, MD & CEO at Finova Capital said.
Finova Capital offers flexible ticket size of the loans between a minimum of Rs 2 lakh to maximum Rs 20 lakh.
Finova capital is founded by Mohit Sahney in 2015. Till date, the company had disbursed loans worth Rs 20 crore to over 220 small scale merchants, with the ticket size of Rs 9 lakh.