NeoGrowth’s commitment towards SME Financing receives international support

Seated (L-R): Piyush Khaitan, Managing Director & Founder of NeoGrowth, Jim Polan, Vice President of Small and Medium Enterprises at OPIC, and R. Gurumurthy, Head Risk and Governance at RBL Bank.
Seated (L-R): Piyush Khaitan, Managing Director & Founder of NeoGrowth, Jim Polan, Vice President of Small and Medium Enterprises at OPIC, and R. Gurumurthy, Head Risk and Governance at RBL Bank.

OPIC, RBL bank and NeoGrowth sign commitment for financing retail businesses in India.
Overseas Private Investment Corporation (OPIC) which is the US Government’s development finance institution, RBL Bank and NeoGrowth Credit Pvt. Ltd. have come together to provide finance to small and medium enterprises operating in the Indian retail space.

RBL Bank’s financing to NeoGrowth, made possible by a $5 million loan guarantee by OPIC under their Portfolio for Impact (PI) program, will enable large number of small businesses in India avail much needed finance for their business requirements.

“OPIC is committed to helping underserved small businesses gain access to the loans they need to grow their businesses,” said Elizabeth L. Littlefield, OPIC President and CEO. The OPIC guarantee will allow NeoGrowth to provide loans ranging in size from $3,000 to $120,000 to retail SMEs, which will have a positive impact on job creation and economic growth in India.
NeoGrowth’s use of innovative technology to finance the small businesses , backed by a unique underwriting system have helped various retail business grow their business and come into the mainstream financial assistance process , from which they had been deprived either because of inadequate credit history or lack of collaterals.

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“We were wondering how to mobilise additional resources to lend to our customers, and the OPIC loan guarantee backed arrangement with RBL Bank will help extend our reach and serve many more customers,” said Piyush Khaitan, Founder and Managing Director of NeoGrowth.
Vishwavir Ahuja, Managing Director & CEO, RBL Bank, said, “We are very happy to partner with OPIC – one of the world’s leading development financial institutions in further expanding our existing relationship with NeoGrowth – a Non – Banking Finance Company with an innovative business model dedicated to financing the small & medium (SME) business enterprises in India.”

NeoGrowth’s business outlook is best summarized in the words of our MD, Piyush Khaitan “Over 50% of small businesses in India are denied credit using traditional creditassessment, and NeoGrowth reaches out to them. Enabling first-time borrowers and women entrepreneurs is an area of special focus for NeoGrowth”. This coming together of OPIC, RBL Bank and NeoGrowth will further help boost the cycle of growth in India.

NeoGrowth releases its Social Impact Report for FY 2016

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The best way to find yourself is to lose yourself in the service of others

– Mahatma Gandhi.

NeoGrowth’s Social Impact Report 2016 demonstrates our long term vision of supporting entrepreneurs financially across various domains and verticals. The report is compiled basis individual case studies and surveys which highlights the social impact created by our initiatives and reaffirms our commitment towards building a robust ecosystem for the SME sector in India.

images_x2NeoGrowth strongly believes that the loans we give should create a positive impact and help in solving the needs of our customers. We have remained committed to a result oriented approach and this reflects positively on our customer relationships.
In FY 2016 we have helped more than 1970 merchants and retailers and are looking forward to serving more customers and create a difference in their lives.

NeoGrowth evaluated the Social Impact caused by its lending activity by conducting customer surveys and interviews. This activity is done through a third party agency who conducts an independent survey on a random sample basis, chosen by them.
The report also captures varied impacts of NeoGrowth in terms of job creation and retention, women empowerment as well as the key factor of financial inclusion. The fact that our merchants were able to improve their credit profile after availing financial assistance from NeoGrowth, is a matter of great pride for us.

Another key satisfying factor for us is the customer growth stories that have been shared in the Social impact report, The voice of our customer is resounding with comfort that they have with NeoGrowth and how our loans have actually helped them grow their business.

images_x3The fact that merchants could move ahead in life and grow their business , improve their credit worthiness as well as employ the best in class services and manpower for their businesses , with the help of NeoGrowth’s financial assistance, gives us the confidence on our ideologies and strength to carry on our initiative with much more vigour & energy.

Click here to download the entire report