Fintech company Kinara Capital has announced the disbursement of over ₹575 crore in business loans in FY24 to support the growth of MSMEs in Karnataka.

“Karnataka is a vibrant, growing region with a diverse MSME sector. Kinara Capital is proud to be headquartered in Karnataka, and for over a decade, we have supported thousands of small business entrepreneurs in this State. Our commitment to disburse over ₹575 crore in FY24 to MSMEs in Karnataka will boost business growth and lead to the creation of 6,000+ new jobs in local economies,” said Thirunavukkarasu R (Thiru R), Chief Operating Officer (COO), Kinara Capital.

MSME business owners can start the process at their convenience with our easy-to-use myKinara App, available in Kannada. In FY23, Kinara Capital disbursed over ₹341 crore, 141 per cent higher than FY22 in the State, the company said.

Operational enhancement

The disbursement plan for this fiscal year (FY24) will be supported by operational enhancements. Recently, Kinara Capital has opened three new branches in Haveri, Humnabad and Ramanagara and expanded its geographical presence to over 28 branches and 658 pin codes. Furthermore, the company plans to increase its employee strength in Karnataka to 930 employees, with over 300 new hires across Kinara Capital’s offices in this fiscal year.

To date, Kinara has disbursed more than INR 1,089 crore across 20,717 business loans in Karnataka. The support from Kinara has led to over Rs. 79 crore in incremental income generation for small business entrepreneurs and created over 21,437 new jobs in the local economies. Food Products, Construction Materials, Machine Components, Textiles, Fabrication, Auto Components, Automobiles, etc. are some of the leading sub-sectors for Kinara Capital in the state.’

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