Chennai, Aug 20 (PTI) Financial technology company Kinara Capital has committed Rs 1,100 crore to support the micro, small and medium enterprises (MSMEs) in Tamil Nadu and neighbouring Puducherry during the current financial year, a top official said.

According to Chief Operating Officer Thirunavukkarasu R, the company disbursed more than Rs 656 crore in Tamil Nadu and Puducherry in FY2023.

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"With a renewed commitment of Rs 1,100 crore to MSMEs this financial year, we are realising the aspirations of thousands of micro, small and medium enterprises across the state," he said in a press release on Sunday.

Kinara Capital offers business loans to the MSME sectors ranging between Rs 1 lakh to Rs 30 lakh. The company offers various business loan products including long-term and short-term working capital, and asset purchases among others.

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The company unveiled its 'myKinara' mobile application in Tamil language that offers easy access to credit for the MSMEs operating in the state.

The company plans to hire 120 more employees to serve the Tamil Nadu and Puducherry markets, thereby bolstering its strength from 396 at present, he said.

"Kinara Capital is proud to support the MSME business owners in Tamil Nadu and Puducherry who contribute immensely to the economic growth of our nation. In FY23, Kinara Capital disbursed more than Rs 656 crore in this region, 130 per cent higher than FY22," he said.

Since its operation in 2012, the company has disbursed Rs 1,960 crore covering 33,00 business loans.

Kinara Capital recently opened three new branches in the state taking the total number of networks to 39 in Tamil Nadu.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)