Moneyboxx Finance Limited, which provides small-ticket business loans to micro entrepreneurs, on Wednesday said it has secured Rs 50 crore term loan from SBI for expanding its operations. The NBFC (non-banking financial company) will utilise the funds for onward lending to the micro-entrepreneurs in the agricultural and allied sectors.
“This loan from SBI, along with continuous infusion of debt from existing 21 lenders, will ensure adequate liquidity in alignment with the company’s plans to ramp-up the AUM from over Rs 190 crore as of October 2022 to Rs 400 crore by March 2023,” it said in a release.
Deepak Aggarwal, co-founder, Moneyboxx, said with a robust and highly scalable business model in place, backed by an entirely digital process and risk analytics capabilities, the company is poised to create a greater positive impact on small businesses across small towns.
Moneyboxx caters to the credit needs of micro entrepreneurs in Tier-3 and below regions of the country. The company said that with cumulative disbursements of over Rs 320 crore, Moneyboxx has provided credit to over 20,000 borrowers, of which 45 per cent were women.
The company has 47 branches of which 17 were opened in this fiscal. It plans to take its branch network to 60 by the end of this financial year.
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