For Anjaneyalu, family is the most important thing in life. He operates his weaving business with the help of his wife and two children, in addition to a few paid laborers. Anjaneyalu looked for ways to expand his business and grow his family’s income to provide a more comfortable life. But, when he approached traditional banks, Anjaneyalu found the application process too complicated, and he wasn’t able to access the funds he needed to achieve his dreams.
Anjaneyalu then learned about our portfolio partner Aye Finance, which provides entrepreneurs in India with financial tools to manage their small and medium businesses, including credit to grow their businesses. Anjaneyalu was able to use a loan from Aye to purchase new machines, which allowed him to produce more fabric and grow his business. Anjaneyalu can now use his mobile phone to apply for loans with Aye and easily manage repayment, which is more convenient for him than having to visit a bank in person and deal with excessive documentation needs and wait times. With Aye’s straightforward process, Anjaneyalu can manage his business more efficiently, and he has more time for what matters most — spending quality time with his two young children and his wife.
Since that first loan, Anjaneyalu has used Aye’s services to purchase more machines and hire several laborers. Eventually, he plans to upgrade to automated machines, which will allow him to expand his operations further. Anjaneyalu appreciates that he has a committed partner in Aye — a partner who will help him achieve his business goals. As he grows his business, Anjaneyalu knows his family will be by his side. He’s proud of the opportunity to provide them with a safe and comfortable life, where his children will grow up knowing that their dreams are never out of reach.