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Kinara Capital
Bengaluru-based fintech firm Kinara Capital today said it aims to disburse over Rs 575 crore in business loans in FY24 and support the growth of MSMEs in Karnataka.
In the last fiscal, Kinara Capital had disbursed over Rs 341 crores, 141% higher than FY22 in the state.
How does it work?
According to the company's statement, MSME business owners can start the process with myKinara App, available in Kannada.
Kinara Capital Capital provides MSMEs with collateral-free loans in the range of Rs 1 lakh to Rs 30 lakh through its various products, such as Long-term Working Capital and Short-term Working Capital, Machinery Purchase, Bill Discounting and HerVikas loans across 300 sub-sectors.
Thirunavukkarasu R (Thiru R), Chief Operating Officer (COO) of Kinara Capital, said, “Karnataka is a vibrant, growing region with a diverse MSME sector. Kinara Capital is proud to be headquartered in Karnataka, and for over a decade, we have supported thousands of small business entrepreneurs in this state. Our commitment to disburse over INR 575+ crores in FY24 to MSMEs in Karnataka will boost business growth and lead to the creation of 6000+ new jobs in local economies.”
Kinara Capital recently opened three new branches in different locations, extending their reach to over 28 branches and covering 658 areas identified by pin codes. The firm to boost its workforce in Karnataka to 930 people by hiring over 300 new employees in various offices throughout the fiscal year.
Kinara has disbursed over Rs 1,089 crore in loans
So far, Kinara has disbursed more than Rs 1,089 crore across 20,717 business loans in Karnataka. This has helped small business owners increase their earnings by more than Rs 79 crores and has generated over 21,437 new jobs in the region.
Food products, construction materials, machine components, textiles, fabrication, and the automobile are some of the sectors Kinara Capital is focused on.
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