New Delhi, Mar 15 (KNN) After disbursing a loan amount of Rs 20 crore to over 220 MSMEs in 2016, Finova Capital has set a target of disbursing loans worth Rs. 100 crore in 2017 to the Indian MSME sector.

Finova Capital is a NBFC licensed by the Reserve Bank of India (RBI).

Within the past one year of its launch, the company has already disbursed loans worth Rs. 20 Crores to over 220 small scale merchants, with the ticket size of Rs. nine lakh.

"The MSME sector in India is a strong contributor to country's GDP, along with creating employment opportunities. Despite their efforts, the sector often finds it challenging to access the traditional financial services, due to various factors, including lack of documentation, tedious paperwork and others," said Mohit Sahney, MD and CEO, Finova Capital.

The target loan will be disbursed by Finova Capital among small business owners, with primary focus on electricians, plumbers, carpenters, hairdressers and food kiosk owners.

Finova Capital offers flexible ticket size of the loans between a minimum of Rs. two lakh to maximum Rs. 20 lakh, depending on the requirements.

Within just a year of its operations, Finova Capital has emerged as one of the most preferred financial services providers amongst MSMEs in India.