Ambit Finvest and Union Bank to co-lend underserved MSMEs
New Delhi, March 2 (KNN) Ambit Finvest, a Non-Banking Finance Company (NBFC) has signed a co-loan agreement with Union Bank of India (UBI) to serve the most deserving and underserved Micro, Small and Medium Enterprises (MSMEs).
Ambit Finvest is the Non-Banking Financial Company (NBFC) that does not take deposits from the Ambit Group.
Speaking on the partnership, Sanjay Dhoka, COO and CFO, Ambit Finvest said, “Currently Ambit Finvest covers 11 states and this partnership will enable underwriting for all businesses in these states.”
“We are delighted to partner with Union Bank of India to increase the reach of credit to meet the needs of the MSME segment. With this alliance, Ambit Finvest and Union Bank of India aim to facilitate rapid disbursement of credit across different geographies,” he added.
The NBFC said that the objective of this merger is to lend to MSMEs who face the challenges of higher interest rates or who are excluded from access to banking services will obtain lower interest rates, which will result in a lower cost of funds, helping them to deploy capital. more effectively in their business.
Calling this partnership UBI’s strategy to create synergy between the two businesses that will help us serve the most deserving and underserved businesses, Lal Singh, CGM, MSME, Union Bank said, “This initiative is part of of Union Bank’s commitment to supporting MSMEs. by providing tailor-made financial solutions and accelerating the growth of MSMEs to contribute to the economic development of the country. (KNN Office)