Veritas Finance has been promoted with a primary purpose of meeting the working capital and business credit requirements of the small businesses in the MSME sector. An organization run by professionals with rich experience in financial services industry, Veritas aims to make availing credit easy to this segment which has remained largely underserved despite several initiatives.
The Term MSME is widely used to describe small businesses in the private sector. According to the Fourth Annual Census on MSMEs (2006-07) presented in the Annual Report 2013-14 on MSMEs, by the ministry, the enterprises in the sector, estimated at 36 million in the sector is projected to have grown to 46 million enterprises in 2012-13 While only small percentage of units are registered, close to 26 million units are unregistered. Further, in addition to the registered and unregistered enterprises, it is estimated that the Sector has an additional 30 million enterprises, which are unorganized and function without any legal framework. Activities of these units are not governed by any legal provision and these enterprises typically do not maintain any official financial accounts. Most of these can be classified in the category of micro enterprises.