Non-banking lender Kinara Capital secures $10 million from IndusInd Bank

Non-banking lenders who focus on small businesses, such as Kinara Capital has been able to secure USD 10 million from IndusInd Bank with a 100 percent guarantee from the US International Development Finance Corporation. The Bengaluru-based non-banking financial company, which has so far disbursed around Rs 2,000 crore collateral-free small business loans to over 56,000 customers since its inception, and said it will use the money for lending to small businesses in need of money over the next five years.

Non-banking lender Kinara Capital secures $10 million from IndusInd Bank

Roopa Satish of IndusInd Bank remarked that the DFC guarantee eliminates the risks of forex fluctuation from the balance sheet of Kinara and that it has become an important tool that can be used to mobilize the debt funding for impact space companies. Loren Rodwin of DFC says that Kinara’s commitment towards financial inclusion has made it possible for them to collaborate with any small business in India. Kinara provides a collateral-free business loan in the range of Rs 1-30 lakh to MSMEs 90 percent of whom are new to credit. The non-banking financial company reported that its financial assistance has helped these companies gain an incremental income of over Rs 700 crore and over 2,50,000 new jobs.


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