Women-led MSMEs availed over INR 400 crore ($48m) of loans In FY 2023, research reveals

By Puja Sharma

Over INR 400 crore of loans were availed by women-run MSMEs In FY 2023, states NeoGrowth Impact Report

 According to NeoGrowth’s Latest Impact Report 2023, Women-run small and medium enterprise (MSME) customers availed INR 430 crore (USD worth of loans accounting for a significant portion (24%) of overall loans (total disbursals of close to INR 1,900 Cr. in FY 2023) disbursed to MSMEs.

Women-run small and medium enterprise (MSME) customers availed INR 430 crore worth of loans accounting for a significant portion (24%) of overall loans (total disbursals of close to INR 1,900 Cr. in FY 2023) disbursed to MSMEs, according to the NeoGrowth Impact Report 2023. The report stated that more than 2600+ women-owned MSMEs availed business loans in the last fiscal year. NeoGrowth is an MSME-focused digital lender in India, leveraging the digital ecosystem.

Released annually, the 9^th edition of the NeoGrowth Impact Report showcases the transformative influence of the Company’s loans on the lives of MSME borrowers, alongside its commitment to sustainable business practices, digital integration, and fostering an inclusive credit ecosystem while maintaining the highest level of governance. The data covered in the report pertains to FY 2022-23.

The report states that NeoGrowth has successfully delivered on six United Nations Social Development Goals (UNSDGs) out of Seventeen

NeoGrowth’s business activities are aligned to 6 out of 17 United Nations SDGs and it is constantly working towards holistically contributing towards them. NeoGrowth has delivered on key UN SDGs including Good Health and Well-being; Gender Equality; Industry, Innovation and Infrastructure; Decent Work and Economic Growth in terms of value and volume.

Speaking on the findings of the report; Arun Nayyar, Managing Director & CEO of NeoGrowth, said “At NeoGrowth, we are not only building a sustainable, inclusive and purposeful ecosystem for MSMEs in India to bridge the credit gap but also achieving six important social development goals set by the United Nations, thereby contributing towards holistic growth.  All our customers come with unique business stories, and we are proud to be associated with small business owners from over 75 industry segments.

Nayyar added, “It is our unwavering commitment to empower first-generation entrepreneurs, support women-run businesses, and promote financial inclusion, thereby contributing to a thriving and inclusive economy. MSMEs are driving the growth of India’s economy and will continue to spearhead the realisation of India’s USD 5 trillion economy vision,”

Impact created by NeoGrowth

• Close to 50% loans to emerging small businesses that have been in operation for less than or equal to 5 years
• 26% loans disbursed to MSMEs in Tier-2 cities
• 2,600+ loans advanced to women-owned MSMEs
• 17% of loans advanced by NeoGrowth resulted in employment generation