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VFS launches SME lending across ten states

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Kolkata | Tuesday, Apr 24 2018 IST
VFS, an RBI registered NBFC-MFI, has launched SME loan to reach out to huge underserved and most neglected sectors of economy and aims at reacing out to 1 Lakh MSME within 5 years span.

In line of diversify its product portfolio VFS has started financing SME sector upto a maximum limit of Rs. 25 Lakh with immediate effect. With 20 years of experience in microlending VFS now takes a step forward to cater to a wider segment which contributes a significant percentage of the national GDP.

Commenting on the development, Dr Kuldip Maity, MD & CEO, VFS, said, "Availability of funding has always been a serious concern for SME sector. Reports on SME sector have shown the huge gap between demand and supply in fund accessibility. We have a ready platform and a network across ten states and we are aiming at making SME lending a great success story for both VFS and small and medium entrepreneurs. ''"With a healthy repayment rates in our micro lending experience, we are confident of creating a conducive entreprenural environment for aspiring new age businesspersons as well as existing SME leaders. We hope to reach out to one lakh MSME in a period of 5 years, which will lead to a GLP of more than Rs. 1000 Cr", he added. Village Financial Services Limited is a microfinance company registered as an NBFC under Reserve Bank of India under Section 45 IA. Village Financial Services (VFS) has started Micro Finance Operations in the financial year 2005-2006 having its head office at Kolkata (West Bengal). Since then, VFS has grown and has touched the lives of many underprivileged and backward section of our society by providing them credit for income generating activities and helping them to become economically self sufficient, sensitizing women about empowerment issues and bringing about a qualitative change in them and their families related to standard of living & their own status in the society.

VFS is engaged in the business of lending to the women borrowers under Joint Liability Group (JLG) based individual lending model and is operating in rural and urban areas throughout West Bengal and eastern part of Bihar. The main thrust of the Organization is to work with women who are socially and economically excluded from the mainstream financial services but are doing some income generating activities.

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