NeoGrowth’s Lending Push Contributes To Achieving UN’s SDG
The NeoGrowth latest Impact Report for FY 2024 highlights how its lending practices are aligned with six key SDGs, reinforcing its commitment to creating a positive social and environmental impact. NeoGrowth, a digital lender focusing on MSMEs, is not only driving financial inclusion but also making significant strides toward achieving the United Nations’ Sustainable Development Goals (SDGs).
The company disbursed over Rs 650 crore in loans to women-run MSMEs during FY 2024, a substantial 34 per cent increase from the previous year. This focus on empowering women entrepreneurs ties directly into the UN’s goal of promoting Gender Equality (SDG 5). By providing financial resources to over 3,600 women-owned businesses.
The company’s operations align with SDGs like Decent Work and Economic Growth (SDG 8) and Industry, Innovation, and Infrastructure (SDG 9). The company has disbursed close to Rs 835 crore to MSMEs in Tier-II cities, with 41 per cent of these loans going to businesses with a vintage of five years or less. This effort not only helps in job creation but also supports the growth of small and medium enterprises in less developed areas, contributing to balanced economic development across regions.
NeoGrowth’s alignment with the UN’s goals is further emphasised through its contributions to Good Health and Well-being (SDG 3) and its environmental initiatives. The company’s business strategy incorporates these SDGs into its core operations, ensuring that its financial activities are not just profitable but also socially responsible and sustainable.
Arun Nayyar, Managing Director & CEO of NeoGrowth, stated, “At NeoGrowth, our mission is to create a sustainable, inclusive, and purpose-driven ecosystem for MSMEs in India. Our integrated impact approach is anchored in four foundational pillars: Governance and Regulatory Initiatives, Core Business Alignment, Social Initiatives, and Environmental Stewardship. By strategically focusing on these areas, we not only bridge the MSME credit gap but also advance six key United Nations Sustainable Development Goals, driving comprehensive growth.”
NeoGrowth’s efforts to these global goals are evident in its strategic focus, which ensures that every loan disbursed not only supports business growth but also contributes to broader societal objectives.
