SHF bullish on small biz loans

CHENNAI: Targeting the west TN market, Sundaram Home Finance (SHF) on Friday opened an exclusive small business loans branch in Coimbatore. The new branch will provide small business loans of up to Rs 20 lakh against residential property to support the business growth and working capital requirements of this small business segment.

Lakshminarayanan Duraiswamy, MD, who inaugurated the branch, said, “We have a strong presence in the Coimbatore region for our home finance business. We are confident of tapping into the opportunity in the small business loan segment in this region. We expect the west TN market to do well for us in this new segment in the coming years.”

Following its foray into the new segment in October, it has opened exclusive branches in Madurai, Tenkasi, Theni, Sivakasi, Tirunelveli, Salem and Rasipuram.

Noting that the company had got positive feedback from these locations, he said it was targeting to end this year with disbursements of over Rs 10 crore from the small business loans segment.

The company saw a 51 per cent surge in its net profit for the quarter ended December 31, 2022 at Rs 53 crore on disbursements of Rs 986 crore.