[ad_1]
Moneyboxx Finance Limited, which provides small-ticket business loans to micro entrepreneurs, on Wednesday said it has secured a Rs 50 crore term loan from SBI to expand its operations. NBFCs (non-banking finance companies) will use the funds for further lending to micro entrepreneurs in agriculture and allied sectors.
“This loan from SBI, along with ongoing infusion of debt from 21 existing lenders, will provide adequate leverage in line with the company’s plans to increase AUM from Rs 190 crore to Rs 400 crore by October 2022 to March 2023 ” he said in a statement.
Deepak Aggarwal, co-founder, Moneyboxx, said that with a strong and highly scalable business model in place, supported by a fully digital process and risk analysis capabilities, the company is poised to have a greater positive impact on small businesses across the globe. create small towns.
Moneyboxx caters to the credit needs of micro entrepreneurs in Tier-3 and lower regions of the country. With accumulated disbursements of over Rs 320 crore, Moneyboxx has given credit to over 20,000 borrowers, 45 percent of whom were women, the company said.
The company has 47 branches, 17 of which were opened this fiscal. It plans to increase its branch network to 60 by the end of this financial year.
(This story has not been edited by Business Standard staff and was generated automatically from a consolidated feed.)
[ad_2]
Source link
