Micro finance company providing short term loans to small business owners, seeking funds for operations.

- A micro-finance company based in Chennai.
- This is a new venture started by a group of companies involved in mobile app development, construction and other industries.
- Regulatory approvals are in place.
- We will be providing short term loans to small business owners, shopkeepers, auto and taxi drivers.
- Business is still in the pre-revenue phase and will begin operations within the next 2 months.
- We will be creating groups of 10 people that will have 1 group leader. Each member of the group is eligible for a loan between Rs. 15-30k and a repayment period of 12 - 24 months.
- We have already setup 150 groups, and are ready to disburse the loans once funds are received.
- Interest on loan would be between 20-23% p. a plus processing fee of Rs. 1,000 per loan disbursement.
- The repayment of the loan taken will be done through per day installments. For example - repaying back Rs. 1,500 per day until x amount + interest is paid back.
- The team leader ensures each individual of the team pays the loan back. If someone defaults then the rest of the team members must make up for that individual repayment for that particular day.
- Field verification for each applicant would be done by our team before loan is approved by our credit managers.
- Promoter is from finance background with more than 15 years of experience in managing investment portfolio, sales & marketing and developing HNI assets.
- Locations that we have planned to start in the initial stage are - Salem, Coimbatore, Dharmapuri, Krishnagiri, Karaikudi, Ramanathapuram - All in Tamil Nadu.
- Physical assets include the interior setup and equipment of the offices.

Small business loans for joint liability groups with a minimum of 10 members in a group, loan amount between 15-30k with interest of 20-23 % p. a.