Protium’s Loan Against Property Fuels Saravanan Power Looms’ Growth and Expansion.
Elampillai is a small village situated in the district of Salem in India, renowned for its exquisite handloom products crafted from silk, cotton, polyester, and silkhon. Elampillai silk sarees hold a significant place of honor, being chosen to adorn deities during poojas.
With 2 handlooms Mr. Raja Govindhan, ventured into the the loom business 24 years ago. His son, Mr Saravanan Govindhan, took over the business 14 years ago after completing his high school. With the help of his mother, he learned the art of weaving and made it into a full-fledged business, expanding its operations from a modest 2 handlooms set-up to a thriving enterprise with 38 Power looms. The business operates with a mixed model, producing both owned and assigned which are sold to vendors in and around Salem district. That led to a strong and successfully established ‘Mathan Textiles, his own textile shop, in May 2022. This was possible due to financial assistance procured from Protium which helped him expand his production capacity.
A surge in supply and demand led the customer to invest in additional power looms to meet the growing market needs. In March 2023 Protium’s swift top-up loan provided the crucial financial support for this expansion.