Satya MicroCapital opens 13 new branches across nine states
In a move that underlines its growth trajectory, Satya Micro Capital, an Indian micro financing groups, has launched 13 new branches across nine states, thus taking its presence to a total of 11 states and 55 branches. The company has launched branches in various districts across states such as Uttar Pradesh, Bihar, Rajasthan, West Bengal, Haryana, Orissa, Himachal Pradesh, and Assam. The launch of its branches in West Bengal, Assam, Orissa, and Himachal Pradesh also marks Satya MicroCapital’s maiden foray into these states, where it plans to work with entrepreneurs and micro enterprises to help them access means of livelihood through easier access to credit.
Satya MicroCapital Limited is an NBFC-MFI that offers collateral-free credit to micro enterprises on the basis of strong credit assessment and a centralised approval system. The company has adopted a unique Limited Liability Group (LLG) Model for extending loans and ensuring repayment. The company’s JLG model distributes the liability among each group member which exists only up to 10 instalments in bi-weekly collections. Through the model, the company aims to add a social touch to lending by integrating modern technology into the Micro Finance industry. Satya MicroCapital recently reached the milestone of catering to 1 lakh entrepreneurs. As of June 2018, the company has extended INR 300 crores in terms of loans to micro enterprises across India. The company, incepted in October 2016, achieved this feat in less than two years since its inception.
Vivek Tiwari – MD & CEO, Satya MicroCapital Limited commented, “Our aim is to give a boost to five million households in both rural and semi-urban markets by the year 2025, and this can only be achieved through consistent expansion and building a wide presence across the country. With the launch of our new branches in these locations, we hope to establish Satya MicroCapital as the preferred credit enabler for under served entrepreneurs and communities within these geographies.”
The company, headquartered in New Delhi, makes Group Lending (GL) accessible for the economically active sections 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.
