MSME financing platforms have truly become lifelines in a myriad of ways — from saving generational businesses from going under to helping businesswomen assert their professional and financial freedom, and so much more.
Digital lender NeoGrowth Credit is one such company. In FY 2020-21, NeoGrowth extended loans to 1,197 women — or 16.4 percent of the total borrowers — as per its Social Impact Report.
NeoGrowth removes the gender bias from the loan disbursal process, welcomes women entrepreneurs and helps improve their livelihood, thereby playing a vital role in the upliftment of the women entrepreneur’s community.
And it’s not just women. Over the last year, the fintech startup has extended credit lines to first-time entrepreneurs, retailers, restaurants, apparel shops, pharmacies, medical clinics, and grocery shops, too.
Founded in 2013 by Dhruv Khaitan and Piyush Khaitan, NeoGrowth Credit is headquartered in Mumbai. It is present in 24 other cities in India.
The digital lending platform specifically targets micro, small, and medium enterprises. It offers a range of secured and unsecured credit products for different sizes of businesses.
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The Interview
From running 50 outlets in 20 cities, growing revenue from Rs 86 lakh to over Rs 100 crore and launching BBK Cares, hear it all from Kaushik Roy, Founder and CEO, Biryani By Kilo, in this episode of Build & Grow: Money Matters.
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Sukhinder Singh Cassidy, Founder and Chairman, theBoardlist, is an investor and a board member with over 25 years of industry experience. The secret to her success, Sukhinder says, lies in the incremental smart risks she has taken during her journey.
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Startup Spotlight
This app provides visual cues to help people with hearing loss
Hearing impairment and deafness is a common congenital disability in India. According to media reports, it is estimated that over 27,000 children are born deaf every year in India. People who are born deaf, unfortunately, also have trouble in speech development as they are not able to hear their sounds.
Founded in 2014, New Delhi-based 4S Medical Research’s mobile application See Sound Live provides people born with hearing loss with visual equivalents for different sounds to help them develop speaking skills. Read more.
Illustration: YS Design
News & Updates
- A fact sheet released by The White House highlighted how the US-funded startup Nexus and innovation hub "showcases the best of American and Indian entrepreneurial innovation and technology commercialisation."
- Delhi, Mumbai, and Bangalore have featured among the world's top startup hubs, according to a comprehensive ranking of international startup hubs compiled by Startup Genome for its annual Global Startup Ecosystem Report 2021.
- The Assam government has sought the central government's help in popularising creations by Assam weavers globally, as well as modernising the textile industry of the state, official sources said on Saturday.
- Chairman of Defence Research and Development Organisation (DRDO) G Satheesh Reddy said DRDO would fund up to Rs 10 crore for research projects to promote and develop innovative products.
Before you go, stay inspired with…
“We help advance sustainable development and address societal challenges like lack of access to capital, lack of support for entrepreneurship, and gender inequality (when accessing capital via credit).”
— Arun Nayyar, CEO, NeoGrowth Credit
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Link : https://yourstory.com/2021/09/enabling-credit-for-the-underserved
Author :- Team YS ( )
September 26, 2021 at 06:00AM
YourStory