City-based housing finance company, Sundaram Home Finance is foraying into business loan financing for small traders, shops and business owners.
The business loan will be extended to these people against their residential property for business growth and working capital needs.
The company on Wednesday opened an exclusive Small Business Loan branch in Madurai and one more such branch will be opened in Tenkasi on Friday.
“Small businesses in the Tier 2 and 3 towns in TN are thriving once again and are looking to expand their business. There is a need for formal financing options to this small business segment,” Lakshminarayanan Duraiswamy, Managing Director said.
According to him, a loan up to Rs20 lakh will be extended.