NeoGrowth releases its Social Impact Report for FY 2017

NeoGrowth’ s 2017 Social Impact Report explores and reaffirms our core vision of being an enabler in the Small and Medium Enterprise (SME) ecosystem. This year, we explored NeoGrowth’s support to diversity,social inclusion and entrepreneurial support in testing times for business environment. We also continue our review to reaffirm NeoGrowth’ s support for first generation entrepreneurs, financial inclusion, job creation and encouragement to women entrepreneurs.

NeoGrowth evaluated the Social Impact caused by its lending activity by conducting customer surveys and interviews. This activity was done by a third party agency who conducts an independent survey on a random sample basis, chosen by them.

The survey revealed a strong trend of improvement in CIBIL scores of participants,especially for those merchants who were exposed to repeat lending, thereby enhancing their creditworthiness and enabling them to access mainstream finance.

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36% of the merchants reviewed witnessed an improvement in their credit scores thereby enabling them to integrate into the formal banking system with an improved borrower profile.

Though year 2016-17 was very challenging year for SME segments cause of demonetization and other tax legislation, 41% of the merchants assessed had renewed the loans taken from NeoGrowth, a direct indication of their positive outlook for the future.

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NeoGrowth believes in giving wings to entrepreneurs with potential to make their dreams a reality.