Why Unsecured Loans Are Anything But Risky

为什么无担保贷款只能是风险？

There is no doubtthat small and medium enterprises (SMEs) are an immensely promising segment ofthe world’s growing economies. However, firms in this segment consistently rateaccess to finance as the top barrier to growth. Neither small enough to tapinto the microfinance sector nor big enough to graduate to the big firms’range, small and medium enterprises in low-income countries are responsible forroughly 30% of employment and 17% of GDP (as opposed to 50% and 60%respectively in high-income countries).

毋庸置疑的是中小型企业（SEMs）是世界经济发展中有巨大潜力的一部分。然而，这部分公司通常把资金作为发展的最大障碍。既没有足够小到可以使用小额信贷业务，也没有足够大到达到大型企业的范围，低收入国家的中小型企业贡献了将近30%的就业率以及17%的GDP（与高收入国家分别是50%和60%相对比）。

Indiais no exception. From 26 million smallenterprises employing over 60 million people, barely 5% have access to thecapital they require. Why? Simply because small enterprises do not fit anywherein the country’s current financial system. On one hand, they require larger andriskier investments than the Rs 50,000 ($1,000) cap that the micro financesector offers to individuals and community groups. On the other hand, they donot have the requisite collateral to be eligible for commercial loans fromtraditional banks. As a result, small enterprises are consistently beingfinancially excluded.

印度也不例外。2600万的小型企业雇佣了超过6000万人，然而还不到5%的企业能够获得他们所需要的资金。这是为什么呢？因为小型企业并没有融入国家当前的金融系统。一方面，他们需要更大更多的风险投资，而不是提供给个人以及社区团体的5万卢比（1000美元）的小额贷款。另一方面，他们也不具备从传统银行进行商业贷款的必须抵押品。结果就导致小型企业通常被金融贷款拒之门外。

This gap in thelending market has never been a secret—in fact, it has been emphasized by theReserve Bank ofIndiaover the years, and echoed by the World Bank, as well. “It was almost a nobrainer that there was a missing piece, a missing middle, but nothing was beingdone about it. Many saw it as an impossible scenario,” says Hardika Shah, asocial entrepreneur behind Kinara Capital inBangalore. Motivated by her desire to make ashift in the financial market, close a flagrant gap and defy people’sreluctance, Hardika took the challenge and started a nonbanking finance company(NBFC), Kinara Capital, which lends to micro and small businesses.

借贷市场的缺口从来都不是秘密，实际上，它已经被印度储备银行强调了很多年，并得到了世界银行的响应。“不用想就能知道借贷市场缺失了一环，缺失了中间环节，但却什么都没做，很多人认为这是一个不可能的场景，”班加罗尔Kinara资本公司的社会企业家Hardika Shah说。被她想在金融市场做出转变的心愿所触动，关闭一个公然的差距,无视人的不情愿。Hardika做出了挑战，成立了一个非银行金融公司（NBFC）：Kinara资本公司，它可以为微型和小型企业提供借贷服务。

More than justcatering to an often excluded segment of the economy, Kinara Capital is uniquein its operating model, as well. It provides unsecured loans to SMEs within asupply chain, with debt capital loans in the range of Rs. 100,000 to Rs.1,000,000 ($2,000-$20,000). In other words, Kinara Capital works with differentparties involved in the value chain, from buyers to trade organizations, tosource and fund working capital for the small businesses she works with.Interestingly, the model bears minimal risk, since it often makes buy-backarrangements for equipment manufacturers or collects payments directly from theSMEs’ clients. For instance, if Kinara’s client buys an asset from one ofKinara’s machine manufacturing partners, Kinara Capital would transfer the loanto the partner in the form of credit for equipment.

不仅仅是只为那些曾经被排除在借贷市场之外的企业服务，Kinara资本公司的运营模式也非常独特。它为中小型企业在供应链范围内提供无担保贷款，借贷资金在10万卢比到100万卢比之间（2000美元-20000美元）。换句话说，Kinara资本公司与价值链的不同行业合作。有趣的是，这个模型承担的风险很小，因为它通常为设备生产商做出回购的安排，或者直接从中小型企业的客户那里收集付款。例如，如果Kinara的顾客从Kinara的机器制造商合作伙伴之一那里购买资产，Kinara资本公司就会将贷款以设备资金的形式转移到合作伙伴那里。

Additionally, byvirtue of working in a chain, Kinara Capital is able to collect precise andreliable background data on its clients, from incomes to outstanding orders tothe history of the buyer-supplier relationship, hence making it easy toevaluate the client and monitor payments. At the same time, there is a form ofpeer-pressure to ensure repayment as SMEs realize that any default on paymentwould severely harm their business relations.

Four years intoits existence, Kinara Capital’s customers range from sole proprietor firms toartisan groups, partnership firms, and village-level entrepreneurs, with thebusiness operating heavily in the manufacturing space. With more than 1,000unique customers and 2,500 loans distributed, Kinara Capital has a $5 millionportfolio today, primarily serving the south ofIndiaand planning to expand in thenear future.

另外，凭借价值链的工作方式，Kinara资本公司能够收集客户准确可信的背景数据。从收入到未完成的订单再到买家-供应商关系的历史。因此可以很容易评估客户并监测还款。同时，来自于同行的压力可以确保还款，因为中小型企业意识到任何的支付问题将会严重的影响他们的业务关系。成立四年以来，Kinara资本公司的客户从独资企业到工艺团体，合伙企业以及村级企业，主要的业务在于制造行业。拥有1000个特殊客户并分布着2500份贷款，Kinara资本公司如今有500万美元的投资组合，主要服务于印度南部公司，并在不久的未来进行扩展。

Perumal, who runsBalaji Heat Technology, is one example of a loan success story. Just a coupleyears back, Perumal needed short term working capital, and found himself payinga 5% interest per month, adding up to a 60% annual interest rate. Thisnaturally put him in a financially precarious position, rejected byconventional banks and faced with selling his modest family-owned land. It ishere that Kinara stepped in, offering him an unsecured loan. Fast forward to today:Perumal has been able to pay off his debt and purchase a manufacturingfacility, and he also owns a split of the business as a whole. He even had theconfidence to pitch a one-year financing partnership with an engineering firm,which was then formalized through Kinara!

开办Balaji热技术公司的Perumal就是一个成功的借贷案例。仅仅在几年前，Perumal需要短期的周转资金，但是他发现每个月需要支付5%的利息，合计利率为60%每年。这就自然而然的使他处于岌岌可危的经济环境中，被传统的银行拒绝，并面临着将要出售自己家族土地的困境。这时候Kinara介入了进来，为他提供无担保的贷款。如今很快的是：Perumal已经有能力偿还自己的债务而且购买了一套制造设备，他还将拆分的业务合并成一个整体。他甚至还有信心与一个工程公司建立为期一年的融资合作伙伴关系，这在之后就通过Kinara实现了。

Looking ahead,Kinara Capital hopes to grow both in terms of capital and customers, and reach20,000 loans in the next five years. Moreover, Hardika says that Kinara Capitalis now focused on how to better understand the sector and its secluded players,and even call for regulatory systems in order to “be more rather than just domore.” Her hope is that this can be the beginning of a change to thetraditional lending system inIndiaand beyond, as the model is replicable in other contexts, bears minimal risksand fills a fundamental gap in the sector.

展望未来，Kinara资本公司希望在资金和客户方面同时增长，在未来的5年达到2万份贷款。而且，Hardika说Kinara资本公司现在关注于如何更好的了解行业以及被隐蔽的公司，甚至需要监管体系来实现“成为更多而不仅仅是做的更多。”她希望这可以是印度传统借贷系统变革的开端，因为这一模型在其他背景下可复制，而且承担最小的风险并填补了行业最基本的缺口。

Today, althoughthe SME finance gap remains a reality in many emerging markets across theworld, entrepreneurs in the sector are clearly blurring the lines betweenbusiness and social impact, and are bringing about systemic changes to the traditionallending system—changes that would create jobs, expand businesses and strengtheneconomies as a whole. A new economic reality awaits.

如今，尽管中小型企业的金融缺口在世界范围内的很多新兴市场中仍然是一个现实，行业内的企业家模糊了商业以及社会影响之间的界限，并为传统的借贷系统带来了系统性的变革，这种变革将会创造工作岗位，扩大业务并从整体上强化经济。请拭目以待一个新的经济现实的出现。

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