Samunnati sees a critical need for working capital for FPOs
He said his new product, Samunnati Instant Pre-approved Loans (Sam IPL), which targets FPOs and farmer collectives, has received a positive response. The loans, which are available without the need for collateral, have a maximum loan amount of 5 lakh and are available through a digital window.
Samunnati, an agricultural value chain facilitator, has seen an increase in demand from FBOs for working capital needs (agricultural producer organizations). He said his new product, Samunnati Instant Pre-approved Loans (Sam IPL), which targets FPOs and farmer collectives, has received a positive response.
The loans, which are available without the need for collateral, have a maximum loan amount of 5 lakh and are available through a digital window.
Although it does not ask for guarantees, the digital platform will perform a quick CIBIL score check and PAN validation. Checking the details and sending a principle sanction letter only takes a few minutes.
“We do not require any guarantees.” We were able to disburse 37 crore to around 600 FPO in just nine months, demonstrating the demand for such loans,” said Pravesh Sharma, Director of Samunnati Agro.
“While we ended the year with 33 crore, the momentum continued through April 2022, helping us break through the 37 crore mark,” he said.
Noting a strong demand for the working capital needs of OPAs and farmers’ collectives, the company intends to reach 600 additional OPAs this year.
“It’s clear that the next wave of the digital revolution will come from rural India, and our FPO Gateway aims to be at the forefront of enabling this revolution for FPOs,” said Anil Kumar SG, Founder and CEO of Samunnati Agro.
More than 1,500 agricultural cooperatives have registered with its FPO Gateway. The Chennai-based company is present in more than 100 agricultural value chains in 22 states across the country.
About Samunnati
Launched in 2014 as the only specialist provider of agricultural value chain solutions, the organization is driven by one vision: to make the market work for smallholder farmers by making value chains work at a higher balance. . Based in Chennai, Tamil Nadu, India, Samunnati is present in over 54 agricultural value chains spread across 19 Indian states.
First published: April 27, 2022, 05:19 IST
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