Suryoday Micro Finance Pvt Ltd is a registered Non-Banking Finance Company, engaged in providing loans to women from Economically Weaker Sections, Below Poverty Line and the Marginal Poor who do not have access to traditional banking, with an objective to reduce poverty in its area of operation.

Suryoday, the sanskrit word for sunrise, signifies the dawn of a new beginning. We believe that this word encompasses our objective of giving an impetus to the economically disadvantaged women to make a fresh start by utilising our loans for income generating activities and enabling sustainable socio-economic progress.

Milestones

2008:

• Incorporated in Nov 2008 under the Companies Act with Registered Office in Chennai

2009 Apr-Jun:

• RBI License For NBFC Operations
• Private Equity Funding Agreement with Aavishkaar Goodwell
• Business Operations Launched with Regional Office and 5 Branches in Pune
• Loan Disbursement of Rs 1.09 Crores to 1000+ Customers in the first month of operations

2009 Jul-Sep:

• CRISIL Grading of mfR5
• Cumulative Loan Disbursement of over Rs 5 Crores to 5000+ Customers

2009 Oct-Dec:

• Expansion into South India - Chitttoor, Andhra Pradesh
• Cumulative Loan Disbursement crosses Rs 15 Crores to 15000+ Customers

2010 Jan-Mar:

• Geographical Expansion - Salem, Tamil Nadu and Solapur, Maharashtra.
• Branch Network now totals 14 across Maharashtra, Tamil Nadu and Andhra Pradesh
• MFTrack - a custom-developed software application to track/monitor pre-disbursal sales process and post-disbursal audit process implemented.
• Cumulative Loan Disbursement of Rs 25 Crores to over 24000 Customers, POS of Rs 16 Crores

2010 Apr-Jun:

• Launch of Second Cycle Loan Products
• 3 Additional Branches in Solapur, Salem and Chittoor. Branch Network now totals 17.
• Cumulative Loan Disbursement crosses Rs 45 Crores to over 40000 Customers, POS of over Rs 28 Crores.

2010 Jul-Sep:

• Geographical Expansion - Bhubaneswar in Odisha; Trichy in Tamil Nadu; Mumbai, Barshi, Pandharpur, Kolhapur and Sangli in Maharashtra.  Branch Network now totals 28
• Cumulative Loan Disbursement crosses Rs 54 Crores to over 45000 Customers, POS of over Rs 32 Crores.