SSA Finserv raises 3 Mn dollar to expand MSME lending
Mumbai, Jan 12 (KNN) SSA Finserv, an NBFC that addresses the capital needs of Micro, Small and Medium Enterprises (MSMEs) has raised 3 million dollars from Blue Ashva Sampada Fund to expand its lending operations.
The company will use the funds in a phased manner to expand its presence in tier I and tier II cities and enhance its existing network that will help MSMEs to gain access for their working capital needs.
“The MSME segment forms the mainstay of the economy. The exclusion of a sizable number of MSMEs from formal lending ecosystems and the credit crunch in the sector has impacted their growth. The investment from Blue Ashva Capital will further reaffirm our commitment to become the preferred financial partner for MSMEs.” said Vikas Agarwal, MD & CEO, SSA Finserv Private Limited on Tuesday.
“The MSME sector in the country is instrumental in generating large-scale employment. We are proud to be associated with SSA Finserv in their mission to help MSMEs scale up their business.” said Satya Bansal, Founder, Blue Ashva Capital.
The NBFC specialises in providing financial solutions through lending programs customized to meet business cash flow needs of MSMEs. The company offers an array of cash flow based loan products to MSMEs like Collateral Free Business Loan, Collateral Backed Business Loan, Finance Against Work Order, Sales Bill Discounting to plug the credit gap for businesses.
The NBFC lends Rs 10 lakhs to Rs 1 crore to businesses across manufacturing, service and trading segments with a turnover of Rs 1 crore to Rs 50 crore.