Ambit Finvest and Union Bank to co-lend underserved MSMEs

New Delhi, Mar 2 (KNN) Ambit Finvest, a Non-Banking Financial Company (NBFC) has signed a co-lending agreement with Union Bank of India (UBI) to serve the most deserving and underserved micro, small and medium enterprises (MSMEs).

Ambit Finvest is the non-deposit taking Non-Banking Financial Company (NBFC) of the Ambit Group.

Speaking on the partnership, Sanjay Dhoka, COO and CFO, Ambit Finvest said, “Currently Ambit Finvest cover 11 states and this partnership all will enable underwriting for all the enterprises in these states.”

“We are delighted to be partnering with Union Bank of India, in increasing the reach of credit to service the needs of the MSME segment. With this alliance, Ambit Finvest and Union Bank of India aim to facilitate speedy disbursal of credit across different geographies," he added.

The NBFC said that the aim of this tie-up is to lend MSMEs that face challenges of higher interest rates or are excluded from access to banking services will get lower rates of interest, which will translate into lower cost of funds, helping them deploy capital more effectively in their business.

Calling this partnership as UBI’s strategy to bring synergy between both the companies that will help us serve the most deserving and underserved businesses, Lal Singh, CGM, MSME, Union Bank said, “This initiative is a part of Union Bank’s commitment to support the MSMEs by providing tailor-made financial solutions and accelerating the growth of MSMEs to contribute to the country’s economic development.” (KNN Bureau)