Hardika Shah, Founder & CEO of Kinara Capital, said in a statement,“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 Rs 125 crore in Incremental Income Generation for the women entrepreneurs and over 32,680 jobs supported in local economies. Of these, over 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.
Kinara Capital is furthering its mission of financial inclusion with a Gender Lens Investing (GLI) approach. The HerVikas program was initiated to empower women entrepreneurs and the automatic discount is just one part of the solution. Kinara has addressed the topmost hurdle for women entrepreneurs by providing collateral-free business credit available from Rs 1 lakh to Rs 30 lakh within 24-hours.
The HerVikas program from Kinara Capital is available for MSME women entrepreneurs in over 100 cities across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Telangana, and UT Puducherry.
