NeoGrowth provides Rs 650 Cr Loans to Women-run MSMEs in 2024

By: WE Staff | Wednesday, 28 August 2024

NeoGrowth, a digital lender in India, has significantly supported women-run MSMEs by disbursing over Rs 650 crore in loans in 2024, a 34 per cent increase from the previous year. This initiative, which represents 23 per cent of NeoGrowth's total loan disbursements, aims to enhance financial inclusion by providing easier access to credit for women entrepreneurs in sectors like retail, healthcare, and education.

The firm provides financial support and advisory services to women entrepreneurs and women-owned MSMEs , boosting their business growth and contributing to economic empowerment. Focusing on women-run MSMEs bridges the gender gap in entrepreneurship and fosters a more inclusive economic landscape promoting gender equality. The NeoGrowth Impact Report 2024 shows over 3,600 women-owned MSMEs received business loans, serving over 16,000 customers, highlighting their crucial role in fostering an inclusive economy.

NeoGrowth aligns its business activities with six UN Sustainable Development Goals, focusing on Gender Equality, Industry, Innovation, and Decent Work. Its credit solutions support India's MSME growth, promotion of job creation, improved credit scores, and female entrepreneurship.

Arun Nayyar, Managing Director & CEO of NeoGrowth mentioned, "At NeoGrowth, our mission is to create a sustainable, inclusive, and purpose-driven ecosystem for MSMEs in India. Our unwavering commitment to empowering first-generation entrepreneurs, supporting women-led businesses, and fostering financial inclusion contributes towards a vibrant and inclusive economy."