The CVD-19 epidemic has had a devastating effect on women. Research reports suggest that the homework model may help some women focus better on their professional endeavors, while others Taking on household responsibilities And especially if they are married, it gives them second priority in their career.

Rimmi Zariwala of Mumbai falls into the second category. Her mother-in-law, who takes care of her baby while driving her boutique Cup When the plague forced her to shut down for a while, she took over the household chores.

But Rimmy wanted to take the time to focus on building her Online Cake manufacturing workshop, as well as log in D2C With products such as DIY-at-hot hot chocolate mix, cupcake starter mix, and mug-cake mix.

When she put all her savings into business, she refused, saying that she would have to spend more time concentrating on family chores and caring for her daughter when she asked for more money. Tired of fighting for her right to work, but not giving up, Rimmy turned to MSME Finance for money.

She took A Offline MSME Financial Forum without warranty of 30 million rubles And she completely failed to expand her business.

“Without the platform, I would have to quit my job. ” Your story.

“Fun,” she said.

One of NeoGrowth’s customers

MSME Financial Forums In fact, they have become a way of life in many ways – from saving down-to-home businesses, helping business women secure their own professional and financial freedom, and much more.

Digital lender NeoGrowth Credit It is one such company. A.D. In 2020-21, NeoGrowth extended 16.4 percent of loans to 1,197 women — or total borrowers — according to its social impact report.

“Another generation of women must maintain gender equality, The effects of the COVID-19 pandemic continue, and The time required to close the global gender gap has increased from 99.5 years to 135.6 years., ”NeoGroth said, citing data from the World Economic Forum’s Global Gender Gap Report 2021.

“Neurogret Eliminates sexual discrimination from debt consolidation It welcomes women entrepreneurs and helps them improve their lives, thereby playing an important role in the development of women’s entrepreneurship. ”

And it’s not just women. Last year, Fintech started expanding its credit lines First-time entrepreneurs, retailers, restaurants, clothing stores, pharmacies, medical clinics and grocery stores, Everyone played a vital role in helping the people survive the epidemic.

NeoGrowth does

A.D. Founded in 2013 Dhruv Khaitan and Piyush Khaitan, Founded and managed by several technology companies to serve the SME class Headquartered in Mumbai, It is located in 24 other cities across the country.

It is a digital loan platform that specifically targets small, medium and medium enterprises. Provides secure and unsecured credit products for a variety of business types.

It is the place where he raises his foot against the banks Document And underwriting process.

Not every MSME is involved Accurate bookkeeping, And that has prevented them from using historical loans. In addition, lack Makes financial institutions from formal documents Be careful to participate With such businesses, mostly due to regulatory requirements.

NeoGrowth easily solves this by using this Digital payment records of a business, Contrary to many financial statements, most banks strongly argue. This also helps those who have Less assets or insufficient credit history Get loans, especially if their business is growing and they can show enough transactions.

“As our product design focuses on the retail business model Digital payments make a good impression in terms of business potential, current trends and customer footprints. Also, this excludes any individual formula and focuses on the potential of the business, below writing ” New Age Credit General Manager Arun Nye Says Your story.

He says I have a start To date, it has financed more than 20,000 clients. In the fiscal year 2019-20, it says it will lend 1,450 million rubles to its customers.

Resolving pain points for MSMEs

Solves NeoGrowth solution for MMS three The main problems you face when applying for a loan

  • Lack of warranty – MSMEs, due to instability associated with their main lines, do not do much Reliable Borrowers. Therefore, banks often require the same amount of collateral to protect themselves from any borrowers by MSME owners. Only a few of the people working in this section own any debtor’s property. Lots of doors.

NeoGrowth offers to solve this problem Bond free trade loan Based on a number of other factors, including digital transaction records.

  • Inadequate credit history -Most MSMEs today are first-time borrowers who are forced to look for financial alternatives to the epidemic, which means Most do not have a credit history Banks can use it to fix their credit bills. NeoGrowth repays loans using digital transaction logs, which does not require borrowers to have any credit history.
  • Long process – Loans include non-internal amounts Paperwork, Which can be an obstacle. Moreover, even once the process is done and funds are allocated, Distribution can take weeks. Online platforms like NeoGrowth help MSMEs get this capital faster. The application process is also digital to make documents easier and hassle-free.

Our mission is to provide financial support to small businesses using the digital ecosystem. Our finances not only help our customers grow, but also have a positive impact. More than half of the retailers, although they have loans, are financially deprived according to traditional writing methods, ”said Arun.

Representation image

“We will help improve sustainable development and address Social problems like Lack of capital access, lack of support for entrepreneurship and gender inequality (When you reach capital through credit).

Of the 20,000 customers on stage, NeoGrort says More than 5,000 are Level 2 cities, and 15,000 are Level 1 cities.

The start is up 500 million rubles in fair funding And twice as much as debt. Omidyar Network, Aspada Investment Company, Khosla Impact, IIFL Seed Ventures Fund and others are the investors. In FY20 has a revenue of 333 million rubles.

Its competitors include Business, Individual technologies, Capital floating, No finance, And FlexiLoans, Among many others.

Going forward, there is a beginning Looking to expand into Tier-III areas, and add more service areas to the list.

YourStory’s flagship start-tech and leadership conference will return for the 13th edition on October 25-30, 2021. Sign up for updates on TechSparks or sign up to share your interest in partnership and speaker opportunities. over here.

For more on TechSparks 2021, click over here.

Edited by Saheli Sen Gupta