Red Fort Capital Finance, an Investment Grade Non-Bank Finance Company that specialises in providing Quick Business Loans to MSME’s, announced that the State Bank of India has sanctioned it a Rs 20 crore term loan. The money will be used for onward lending to the country’s SMEs, representing a Rs 40 trillion credit opportunity.
Red Fort Capital NBFC often funds business loans ranging from Rs 10 million to Rs 100 million to MSMEs in less than “7 days” (TAT). Red Fort Capital Finance has been assisting Micro, Small, and Medium Enterprises (MSMEs) by processing secured business loans for the purchase of working capital, equipment, and machinery. Manufacturing, logistics, FMCG, IT, textiles, EPC, education, and industrial parks are the industries targeted by the loans.
“MSME lending plays a vital role in the Indian economy. Timely business credit to capitalise on time-sensitive opportunities is essential to them, which explains the huge demand for our Quick Business Loans product. We are thankful to SBI for being our 1st lending partner in our growth journey, showing immense faith in the team, and our underwriting process. This term loan by SBI underscores that India has strong business fundamentals and poor Business credit penetration. With the Business Credit demand rapidly accelerating. Red Fort estimates that the credit penetration will 3x in the next decade. Red Fort Capital remains committed to participate in business loans in a meaningful way with its fast-growing NBFC and our commitment to a multi decade investment thesis” – said Parry Singh, CEO of Red Fort Capital Finance.
Also Read | SBI raises Rs 10,000 crore through its first infrastructure bond
The SBI loan would ensure enough liquidity, in line with the company’s aspirations to increase its Asset under management (AUM) to Rs 100 crores by the end of FY’23. The NBFC pursues transactions that provide a solid collateral cover and expanding company cash flow, and it has a healthy, well-diversified book with no NPAs.
