Tata Capital ties up with Biz2Credit for SME funding
12 April 2016
Tata Capital, the financial services company of the $108-billion Tata Group, on Monday announced a partnership with Biz2Credit, a leading online resource for small business finance.
Through this tie-up, Tata Capital will utilize the acquisition channels on Biz2Credits small business lending marketplace in India, thereby making finance available to thousands of small and mid-sized companies in the country.
Tata Capital, a leading financial services player, currently has a total book size of over Rs42,000 crore while Biz2Credit has provided more than $1.3 billion in finance to thousands of small and mid-sized companies.
In addition, Tata Capital will gain access to a full range of Biz2Credits offerings including data and risk analytics through the patented BizAnalyzer Score to innovatively fund small businesses transactions.
''Our resolve is to deliver financial solutions that are right for all our stakeholders, specifically our customers and the society at large. The lack of organized credit to small business owners is a gap in the Indian financial market today and an inhibiting factor for growth of entrepreneurship in India. Tata Capital aims to address this gap with its focused digital offerings,'' said Govind Sankarnarayanan, chief operating officer retail business and housing finance, Tata Capital.
''Digital is a strong focus area for Tata Capital across both retail and business loans. Through our alliance with Biz2Credit, we aim to provide capital for expanding and growing businesses in India in a fast and efficient manner. Our endeavour is to offer credit decisioning online and, within the shortest turnaround time, disburse the amount to the borrowers,'' added Veetika Deoras, chief operating officer Digital Business, Tata Capital.
''Our agreement with Tata Capital will help Indian entrepreneurs to quickly secure the funding they need to grow their businesses,'' said Rohit Arora, chief executive of Biz2Credit. ''We are thrilled to help Tata Capital expand its footprint in Indias small business finance industry, digitally.''
Financing on Biz2Credits platform ranges from $5,000 to $5 million and can be coordinated in as little as 24 hours for working capital, commercial real estate and other uses.