Finova to service over 1,500 MSMEs by 2018

Finova Capital has announced its target of servicing over 1,500 MSMEs by 2018. It has already serviced more than 250 MSMEs, disbursing loans worth more than Rs.20 crore in the remote locations of India. Headquartered in Jaipur, Rajasthan, Finova Capital has a last-mile connect in Chomu, Bassi, Jobner and Bagru. In order to service over 1,500 MSMEs by 2018, the company is further eyeing at immediately expanding to Dausa, Reengus, Phulera, Kuchaman and Sri Madhopur.

Mohit Sahney, MD & CEO, Finova Capital, said, “The MSME sector in India has immense potential. Not only does the sector is one of the chief contributors to the country’s GDP and manufacturing exports, it also contributes towards job creation, growth and development of the remote and rural India. While the sector has been snubbed by banks and formal financial institutions for long, due to lack of organization, business bookkeeping etc, at Finova Capital, we are inspired to enable their growth and expansion, by making adequate financial solutions available at a reasonable price and flexibility. In the next phase of our growth, we will be expanding to hitherto unexplored cities like Dausa, Reengus, Phulera, Kuchaman and Sri Madhopur, with a target of servicing over 1,500 MSMEs by 2018.”

Recognizing the need of MSMEs, Finova Capital offers loans with flexible ticket sizes and payback tenures. As per the requirements, the small-scale business owners can take loans starting from Rs.2 lakh and going up to Rs.20 lakh.

Mahavir Prasad Parate, Tea vendor from Lal Kothi in Jaipur, said, “As a tea vendor in a small town, not many banks were willing to lend me money for growing my business. Those that did offer came with lots of paper work and formalities, which was impossible for me to deal with. Finally, I approached Finova Capital, where they provided easy loan facilities. I took a loan of Rs.5 lakh for a comfortable tenure of 7 years. Their ease of operations and support made it easier for me to scale up my business.”

Narayan Singh Negi, Paan-vendor from Jaipur, cites, “Finova Capital has made it easier for me to manage and scale my humble business. While most banks were willing to offer me a loan, I realized that the terms for repaying the same within 2-3 years with high EMIs could become immensely difficult for me in the long run. Finally, I found out about Finova Capital and the long reimbursement tenures they offer. I availed a small business loan worth Rs.6.40 lakh for 7 years with EMIs at half the prices. It is certainly the best decision I ever made.”