- 139 merchants across seven cities interviewed, different business segments and ownership models included.
- So far NeoGrowth has disbursed over Rs.35 Billion in loans under its social impact lending model
NeoGrowth recently commissioned ASCo, India's leading transaction advisory firm, to audit the social impact that NeoGrowth loans have had on the lives of retailers in terms of business growth, women empowerment, job creation and fostering entrepreneurship. So far NeoGrowth has disbursed over Rs. 35 Billion in loans under its social impact lending model. NeoGrowth has already generated a lot of positive response by facilitating credit assistance to a massive under-served segment of Indian entrepreneurs across the country.
The independent report was prepared after interviewing 139 customers of NeoGrowth across seven cities including Hyderabad, NCR Delhi, Mumbai, Kolkata, Lucknow, Bangalore and Vijayawada. Only borrowers with lending activity between April 2017 and March 2018 were selected, and the sample size was carefully developed to include different industries, constitution of enterprises, varying loan amounts and gender
Commenting on the report, Piyush Khaitan (PK), MD & Co-founder, NeoGrowth said, "NeoGrowth has been conducting these studies every year to understand the social impact generated on-ground from the business activities of its customers. Since traditional underwriting methods in India exclude more than 50% of creditworthy SMEs due to insufficient credit history or lack of collaterals, a substantial amount of the country's potential business and economic output remains untapped. This annual social impact report prepared by an independent third party has further underlined NeoGrowth's commitment in boosting entrepreneurship and job creation, thereby enforcing our mission of creating a positive social impact."
NeoGrowth's operational innovations have seen them partner with more than 13,000 business merchants across 21 cities to grow and diversify their enterprises.
Click here to read the Complete Social Impact Report