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Kinara Capital is planning to disburse over ₹1,100 crore in business loans to micro, small & medium enterprises (MSMEs) in the urban and the peri-urban areas of Tamil Nadu and Puducherry in FY24.
Founded by Hardika Shah in 2011, the Bengaluru-based non-banking finance company (NBFC) is focussed on providing financial access to the MSME entrepreneurs. Since inception, it has disbursed over ₹5,000 crores across 90,000 collateral-free business loans to the MSME sector.
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Kinara Capital entered the Tamil Nadu market in 2012 and has since disbursed ₹1,960 crores covering 33,000 business loans. Under its HerVikas program, women-owned MSMEs receive an upfront automatic discount on business loans. The company said it has disbursed over ₹226 crores across 2,140 to women entrepreneurs in Tamil Nadu under the program.
Thirunavukkarasu R, Chief Operating Officer, Kinara Capital said, the company has disbursed more than ₹656 crore in Tamil Nadu and Puducherry in the previous fiscal, which is 130 per cent higher than FY22. He added that the NBFC has renewed its commitment to the region with a plan to disburse ₹1,100 crore in the current fiscal.
Also Read | Fintech company Kinara Capital raises ₹200 cr in fresh equity
Recently, Kinara Capital opened 3 new branches in Aranthangi, Thiruvanmiyur, and Veerapandi bringing the total number of branches to 39 in Tamil Nadu. The lender is also planning to hire 120 branch employees to add to the current strength of 396 employees in Tamil Nadu.
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