Indian micro financing group Satya Micro Capital announced its expansion with opening of 13 new branches across nine states, thus taking its presence to a total of 11 states and 55 branches.
With presence in over Uttar Pradesh, Bihar, Rajasthan, West Bengal, Haryana, Orissa, Himachal Pradesh, and Assam, Satya Micro Capital will now have its branches in West Bengal, Assam, Orissa, and Himachal Pradesh.
An NBFC-MFI that offers collateral-free credit to micro enterprises on the basis of strong credit assessment and a centralised approval system, the company has adopted a unique Limited Liability Group (LLG) Model for extending loans and ensuring repayment.
It aims to add a social touch to lending by integrating modern technology into the Micro Finance industry. Satya MicroCapital recently reached the milestone of catering to 1 lakh entrepreneurs.
"Our aim is to give a boost to five million households in both rural and semiurban markets by the year 2025, and this can only be achieved through consistent expansion and building a wide presence across the country," said MD and CEO Satya MicroCapital, Vivek Tiwari.
Adding to this he said that the launch of our new branches in these locations, will help in establishing Satya MicroCapital as the preferred credit enabler for underserved entrepreneurs and communities within these geographies.
The company caters to women who own businesses and are looking for means of expansion. The group lending model allows group of borrowers to share the liability and responsibility to repay loans and instils trust in financial institutions and group members.
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