NeoGrowth launches secured loan offers for MSMEs

NeoGrowth launches secured loan offers for MSMEs

By Léandra Monteiro

NeoGrowth Credit, an SME lending company in India, today announced the launch of NeoCash Plus and Vendor Finance Plus as variants of secured loans for MSMEs, to coincide with the ongoing MSME week. This is the first time the company has offered a line of secured loan products for small businesses.

The NeoCash Plus is for online and offline retailers who want to get the maximum loan on their residential, commercial, storage or industrial property. The loan, amounting to between INR 2 million and INR 15 million, is offered for a maximum period of 60 months to businesses that have been in existence for at least three years. Vendor Finance Plus is launched for vendors, suppliers, manufacturers and service providers to large companies.

Arun Nayyar, CEO of NeoGrowth Credit Pvt Ltd, said: “At NeoGrowth we see small businesses struggling to grow due to their inability to access credit. We strive to help MSMEs overcome these funding challenges by providing business loans that are easy to apply for and convenient to repay. This new Plus suite of secured lending solutions complements our existing lending solutions and opens up new growth avenues for a range of MSMEs seeking long-term, hassle-free loans. “

NeoGrowth provides finance to small business owners such as retailers, restaurants, clothing stores, kirana stores, gas pumps, grocery stores, pharmacies and other MSMEs, with flexible repayment options and products customized to meet multiple business needs. The Mumbai-based company claims to serve over 70 industries with a presence in 25 cities in India.