by Sunil Bajapi
Kanpur: In response to widespread frustrations among local entrepreneurs regarding loan accessibility, Jain Sons of Kanpur announced the establishment of the “Fraternity Fund” during a recent meeting. Many traders expressed dissatisfaction with the harassment faced when seeking loans from banks.
The initiative aims to provide loans at significantly low interest rates without requiring collateral, allowing businesses to bypass traditional banking hurdles. The meeting, attended by prominent figures including UP MTA patron Gulshan Gandhi and president Ajay Kapoor, focused on creating a supportive financial environment for local businesses.
Co-directors Manish Jain, Silver Jain, and Praveen Kumar Jain emphasized that the fund would allow members to secure loans within seven days, alleviating the burden of high-interest rates and complicated bank processes. The structure of the fund includes options for 30-month plans, with amounts ranging from ₹7.5 lakh to ₹10 lakh.
Praveen Kumar Jain addressed concerns from attendees regarding loan management, repayment, and prioritization among members seeking funds simultaneously. The event concluded with a communal dinner, fostering networking among local business leaders and transporters. The initiative represents a significant step towards empowering entrepreneurs in the region.
