Driven with the intention to relive the oftentimes snubbed or underserved MSME sector of the Indian economy, Finova Capital organized the loan camp for the same on 28th February 2017 in city. With the unmet finance gap of Rs 3 trillion arising from over 55 mn micro enterprises, Finova Capital’s loan camp was dedicated to cater to a huge opportunity. The loan camp witnessed the presence of Mr. Mohit Sahney, MD & CEO of Finova Capital and Mr. Nihal Desai, Executive Director-Capital First.
The loan camp was fundamentally meant for businesses with unstructured profiles soliciting working capital and other small business funds. Finova Capital is determined to make funds available to the segments of Indian economy that aren’t privilege enough to access the same, including the likes of Tea-stall owners, Pan Wala, plumbers, electricians, small scale retail or grocery store owners, amongst others.
Commenting further on the loan camp and the MSME sector, Mr. Mohit Sahney, MD & CEO of Finova Capital said, “At Finova Capital, we are driven with the goal of bridging the credit gap that exists within the MSME sector. It is our belief that when provided with the required resources and nurtured right, India’s MSME sector will bloom, creating an unprecedented boom in the economy, whilst creating more employment opportunities. Hence, it is furthermore our endeavor to expand rapidly and reach out to the urban poor or the excluded segment, in order to provide them with credit support to augment our economy.”
Echoing the same thought, Mr. Nihal Desai further lauded the efforts of Mr. Mohit Sahney and handed over credit line letter to him.
Assessing income of the unorganized MSME sector is unquestionable a daunting task and hence, the team at Finova Capital, led by seasoned professionals from finance industry, has developed an innovative & radically different approach based on detailed cash flow analysis at customer doorstep. Finova Capital further has plans to expand in entire Rajasthan by the next financial year, hence also providing employment to 500 people in near future.