Under the agreement, Green Trends plans to have 500 salons nationally set up by women entrepreneurs by the end of the current financial year, a top company official said today.
"We are happy to associate with Bhartiya Mahila Bank in providing collateral free loans to prospective franchises across the country, especially women. We believe it will not only ease the process of salons but also empower more women to emerge as successful entrepreneurs...," CavinKare Chairman & Managing Director CK Ranganathan said.
Green Trends has also introduced mobile and online check- in service for customers, he said.
"We have been noticing a significant upswing trend of women from various backgrounds entering this beauty salon segment and this MoU with Bhartiya Mahila Bank will further strengthen the support," Trends in Vogue's Business Head R Gopalakrishnan said.
Bhartiya Mahila Bank Chairman and Managing Director Usha Ananthasubramanian said after this tie-up with CavinKare, the bank is confident of developing women as "entrepreneurs" across the country.
She said the bank will provide loans of up to 75 per cent of the total project cost to women entrepreneurs across the country.
"The rate of interest will be between 11.5 per cent and 12.5 per cent," she said.
Source: Economic Times