SBI lends Rs 200 million to Red Fort Capital to boost “Quick Business Loan” portfolio
Mumbai, 16th January 2023: Red Fort Capital Finance an Investment Grade Non-Bank Finance Company, specializing in providing Quick Business loans to MSME’s announces that – the State Bank of India has sanctioned it a term loan of Rs 20 crore. The company will use the funds for onward lending to the country’s MSME’s – over a Rs 40 trillion credit opportunity.
Red Fort Capital NBFC typically finances Rs 10 million to 100 million Business loans to MSMEs in under “7 days” (TAT). Red Fort Capital Finance has been helping Micro, Small and Medium Enterprises by processing secured business loans — for working capital, equipment and machinery purchases. The Industry focus of the loans is – manufacturing, logistics, FMCG, IT, textiles, EPC, education, and industrial parks.
“MSME lending plays a vital role in the Indian economy. Timely business credit to capitalize 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.