HerVikas Program Marks 4th Year Anniversary with Continued Advancement of
Financial Inclusion of MSME Women Entrepreneurs across 100+ Cities
· With the latest allocation, HerVikas total commitment tops INR 700 crores to date
· INR 414 crores disbursed across 4,305+ collateral-free business loans for women-owned MSMEs since FY20
· HerVikas Women Entrepreneurs generated INR 125+ crores in incremental income and supported 32,680+ jobs in local economies across 6 States
BANGALORE, March 9, 2023: Kinara Capital, a fast-growing fintech driving financial inclusion of small business entrepreneurs, marks 4th year anniversary of its HerVikas program by allocating an additional INR 400 crores disbursement in FY24 in discounted business loans for women entrepreneurs. The latest allocation brings the total commitment to date to INR 700 crores solely dedicated to driving financial inclusion of women entrepreneurs from the micro-small-medium enterprise (MSME) sector. Kinara Capital exceeded its previous disbursement goal of INR 300 crores from FY20-23, with 38% higher disbursement of INR 414 crores across 4,305+ HerVikas business loans for women-owned MSMEs.
Hardika Shah, Founder & CEO of Kinara Capital, said, “HerVikas has firmly established the importance and the viability of women-centric financial services in India. With approximately 100 crores disbursed each year, we are now doubling down and pledging INR 400 crores disbursement in FY24 solely for MSME women entrepreneurs. This will lead to reaching 10,000 HerVikas discounted business loans by next year. Entrepreneurship is a powerful way to aim for gender parity. Financial independence of women immediately gives them agency and leads to betterment of families and communities. Women Entrepreneurs can rapidly drive economic and social change and are critical to India’s ambition of becoming a $5 trillion economy. ”
Since the program was initiated in FY20, the impact of the HerVikas business loans has led to over INR 125+ crores in Incremental Income Generation for the women entrepreneurs and over 32,680+ jobs supported in local economies. Of these, 2,535+ are New Jobs created with 20% of these new jobs going to women workers and 61% of the new jobs to first-time wage earners. About 70% of the jobs created are from MSME sub-sectors of Food Products, Textiles and Fashion/Clothing. The highest number of HerVikas business owners are from Tamil Nadu and the top sub-sector is Fashion/Clothing businesses in the Trading sector.
Impact of HerVikas – https://www.youtube.com/watch?v=dmJhUCWg18g
Update of HerVikas by Hardika Shah – https://youtu.be/L6_uTAKSkjQ