From reaching 1,000 entrepreneurs in our first 100 days, Satya has now reached out to 1 Lakh entrepreneurs in around 500 days of being active
Micro financing group Satya MicroCapital has crossed 1 lakh active loan clients and has disbursed Rs 300 crore in terms of loans to micro enterprises across India within two years of launch.
Satya MicroCapital which is an NBFC MFIoffers collateral-free credit to micro enterprises on the basis of strong credit assessment and centralized approval. The company has adopted a unique Limited Liability Group (LLG) Model for extending loan and ensuring repayment. The company’s JLG model distributes the liability among each group member which exists only up to 10 installments in bi-weekly collections. Through the model, the company aims to add a social touch to lending by integrating modern technology into the Micro FinanceNSE -0.68 % industry.
“From reaching 1,000 entrepreneurs in our first 100 days, Satya has now reached out to 1 Lakh entrepreneurs in around 500 days of being active. This was possible due to Satya’s high touch and high technology based model supported by cashless and paperless approach. Having achieved this feat, we now plan to work towards empowering more people at the bottom of the pyramid, especially women looking to start or expand their businesses. By the year 2025, we aim to give a socio-economic boost to 5 million households in both rural and urban markets,” said Vivek tiwari, chief executive officer, Satya MicroCapital.
In a statement the company, headquartered in Delhi, said that it makes Group Lending(GL) accessible for the economically active section of rural and urban areas in India. Satya MicroCapital Limited mainly caters to women who own businesses and are looking for means of expansion. The group lending model allows group of borrowers to share the liability and responsibility to repay loans and instills trust in financial institutions and group members.