Edelweiss SME Lending celebrates International SME Day to salute and support the growth of its SME partners
Hyderabad, June 27, 2018: Edelweiss SME Lending, the retail lending arm of Edelweiss Financial Services Ltd., one of India’s leading diversified financial services firm, today celebrated India’s first International Small and Medium-sized Enterprises (SME) day at its branch in Hyderabad.The United Nations General Assembly has designated June 27 as International SME day to recognise the importance of MSMEs and SMEs in achieving global development goals.
The day was celebrated with the theme“Limited to Unlimited – Celebrating entrepreneurship, unlocking value”, to salute the spirit of the Indian entrepreneurs for their immense contribution in driving India’s growth story.
The day also marked the 100thbranch launch of the SME businessin the country.
Chief Guest, Mr. K. Sudheer Reddy, said “Small businesses have contributed immensely to the growth of the economy.This is indeed a noteworthy gesture by Edelweiss in recognising their contribution by celebrating this day dedicated to SMEs. The company’s support to the growth of this sector through timely credit is also worth appreciating.”
K Siddharth, Executive Vice President, Edelweiss Retail Finance said “At Edelweiss, we recognise the significant contribution SMEs have made to the economy. Today’s celebrations is our attempt to salute their contribution and cultivate lasting partnerships with them. Going forward, we intend to make this an annual event. We understand the need for timely finance and work towards fulfilling this need through our customer centric product framework.”
Edelweiss has been constantly working towards addressing the credit requirements of this sector. Edelweiss SME lending started with around 17 locations in April 2017 and has since then ramped up their branches at a significant pace wherein today they have 100 branches throughout the country.
The day also marked the 100th branch launch of the SME business in the country in Anand, Gujarat. Inspired by Amul, the popular brand of milk and dairy products from one of India’s shining success stories, Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), Edelweiss specially chose to launch its 100th branch at Anand. Amul is an inspiration for many budding businesses. From a small enterprise comprising a coalition of dairy farmers, today, the Amul model has helped India to emerge as the largest milk producer in the world. Amul is a true role model for SMEs today!
The company today also co-hosted a special event with Bombay Stock Exchange (BSE) to celebrate this day.
About Edelweiss SME Lending:
Edelweiss SME Lending is part of the Edelweiss Group and offersa bouquet of customized lending solutions ranging from Rs 1 Lac to Rs 25 Crore to the MSME business segments. The company currently services over 14,000 MSME clients across 100 locations in India. It is one of the few Non-Banking Financial Companies offering a complete range of financing solutions consisting of Unsecured Business Loans, Equipment Finance and Secured Loans (against property collateral) for the MSME segment.
The core value proposition is to offer the right product suited to the client’s borrowing need around working capital, capital expenditure or expansion funding. Their services are backed with superior technology enabled quicker decision to credit applications and easy documentation. They service client segments with minimum annual turnover of Rs 25 Lac and above, enabling them to engage with a large part of the underserved MSME segments. Notably over 30% of its client count is in the annual turnover range of less than Rs 2 Cr. It has significantly scaled distribution from 17 locations (April 2017) to 100 locations (June 2018) across India especially focussing on expansion around Tier II / III cities on the back of huge credit demand and servicing opportunities that exists in these markets.