Neelam Kuk, the 41-year-old has started the big project in small alleyways of Agra. She is the lady who set up her store on online marketplace Shopclues. She wanted to add much more products but due to the lack of funds her dream seems to be shattered.
But, there is always a good thing that comes when you tried to work hard. Like, Flexiloans came for Neelam's rescue. A fund of Rs. 1 lakh given to her within two days Flexiloans.com was established by Abhishek Kothari, Deepak Jain, Munish Lunia and Ritesh Jain in 2015. The digitally lending platform gives funding access to millions of deserving small businesses.
First, they started with working capital loans and line of credit. And, the owner Deepak said, “Our TATs is below 48 hours in most cases." “We are currently lending through our partners and associate NBFCs. The revenue we earn is primarily from the financing and processing fees. At the right time, we will use our partner network to grow our bouquet as a marketplace as well,” says Deepak, co-founder of Flexiloans.
Back in 2016, they had registered 500 applications and marquee names in banking like Anil Jaggia, Ex-CIO, HDFC Bank, Sanjay Nayar, CEO, KKR India, VikramSud, Ex-COO, Citi Asia-Pac.
The team: Abhishek, the 36-years-old IITian from Bombay, Deepak, 35-years-old is a certified CA, Manish and Ritesh have 12 years f experience in M&A, NBFC, wealth management.
“However, the opportunity we saw in creating something very big in SME lending made our decisions easier,” says Deepak. “Banks either required documents like three years’ ITR returns and a good credit score (she didn’t have a score yet) or collateral-like property and guarantee from family, etc. All of these options were either not available or did not fit well with the mindset of a young entrepreneur of today’s India. Another challenge was the low ticket size of the loan which wasn’t big enough for most banks to get excited about,” Deepak explains.
Well, they are the best supporters of the small business.
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