State Bank of India backs small-business lender Lendingkart



The Ahmedabad-based company helps unbanked business owners in India get access to loans and lines of credit.

Since 2014, it has provided short-term loans to 12,000 small businesses, but demand is exponentially greater, Inc24 reports.

The latest backing from the government-run State Bank of India will be used to extend Lendingkart’s reach to 950 cities, up from 650 last year.

In June, Lendingkart raised $7.8 million from Yes Bank to expand its loan book.

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