Case Studies — How structure changes outcomes.
Real cases from the Vibhuti Finserv practice. How each case was structured, why it got approved, and what it teaches about MSME funding.
Manufacturing business, 4-bank rejection → ₹7 Cr sanctioned in 18 days.
Situation
A mid-sized manufacturing business approached us after being turned down by four banks. Turnover was healthy, order book was strong, and the business was fundamentally viable — but every bank had rejected the file.
What went wrong
The business was fundable. The presentation wasn't. The requirement had been pitched as a generic working capital request, without structure, without a clear view of why the business needed the specific mix of facilities it was asking for. Credit teams saw an unfocused ask and passed.
Our approach
We reopened the conversation by looking at what the business actually needed — not what had been applied for. Growth capex was being funded out of working capital, which was why cash was tight. The right structure was a CGTMSE-backed term loan to fund the capex, with a separate working capital limit sized to the operating cycle. Two facilities, each doing its job.
- 1.Restructured the ask. Split the requirement into a CGTMSE-backed term loan stacked with a working capital limit — matching how mid-size PSBs prefer to deploy manufacturing credit.
- 2.Rebuilt the case file. CMA data, projections, stock statement methodology, drawing power calculation and turnover reconciliation prepared the way a PSB credit committee reads manufacturing files — not the way a generic loan aggregator submits them.
- 3.Matched the right lender. Identified a mid-sized PSB whose CGTMSE desk had active appetite for the sector — rather than submitting to the lenders that had already declined.
Case structure
Outcome
Sanctioned in 18 days. Disbursed shortly after. The business is now using the term loan to complete capex while the working capital limit handles day-to-day operations without stress.
Takeaway
The business hadn't changed between rejection #4 and sanction. The case preparation had. Four banks saw an unfocused ask; the fifth saw a structured requirement matched to a scheme they actively fund.
Recent clients — across sectors and structures.
Five businesses across manufacturing, trading, food service, and professional services. Five different structures — because no two cases are the same.
Have a similar case?
If your file has been declined — or if you sense the structure isn't quite right — a 20-minute conversation is usually enough to tell whether your case is fundable, and what needs to change if it isn't.
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