NeoGrowth Social Impact Survey 2021
Mumbai (Maharashtra) [India], August 2 (ANI / PRNewswire): NeoGrowth, India’s leading digital lender serving small businesses without bank accounts, recently released the Social Impact Report 2021. The loans executed were directed to first-generation entrepreneurs to overcome COVID-related challenges and take advantage of opportunities.
The study was conducted on samples from more than 20,000 MSME bases in seven cities, including Mumbai, Pune, Delhi, Chennai, Ahmedabad, Bangalore and Hyderabad. It aims to measure and assess the impact of a loan on a customer’s life.
Despite India’s efforts to generate COVID-19 and severe headwinds, NeoGrowth extends its lending to first-generation entrepreneurs, helping female entrepreneurs, creating jobs for their customers and improving their credit scores. Made possible.
As seen in the World Economic Forum’s Global Gender Gap Index 2021, pandemics have had a disproportionate impact on women by deepening existing economic and social inequality. The company’s lending to women-owned or women-led companies showed a 32% increase. 4% of the total loan paid by the company was directed to first-generation female entrepreneurs during the pandemic, providing strong support for this part of society.
Approximately 85% of the customers surveyed were affected by business outages or downturns. 70.6% of all customers maintained their business through their savings and 10.6% chose additional financing from the company. Interestingly, in anticipation of a pandemic hitting an existing business, we started another business in an area where 3% of our customers are booming.
The company advocated and persuaded 92% of borrowers to use health insurance.
According to the survey, 86.6% of respondents showed an increase in the number of employees after taking out a loan from NeoGrowth.
The digitization process was significantly accelerated by the lending sector, which grew 38% year-on-year as of September 2020, despite the COVID-19 pandemic. NeoGrowth assisted customers in the process of paying through digital channels, increasing transparency and digitizing their businesses through its unique DiGibizz platform. This is especially important as 22.4% of the customers surveyed were not even graduates and 26.5% of MSMEs came from Tier 2 cities.
Dhruv Khaitan, Founder and Chairman of NeoGrowth, said: We have both empathy and resources to overcome this unprecedented crisis. We are proud of the social impact of our business activities in terms of job creation, supporting female entrepreneurs, improving credit scores and lending to first generation entrepreneurs. These insights form part. Of the annual assessment conducted by NeoGrowth. Over the last few years, NeoGrowth has maintained its unique product offerings by offering unsecured, short-term, fast and customized business loans with flexible repayment terms. NeoGrowth has provided over 6,500 chlores to fund and enable MSME to grow and sustain its business while continuing its first journey to achieve inclusive growth. NeoGrowth also focused on driving economic growth by accelerating the digitization of MSME and strengthening its credit history.
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