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For over two decades, Jay Chandarana relied on commercial banks to meet the day-to-day, working capital needs of his family business, the sesame seed exporter Dhaval Agri. It was an arrangement that basically worked: the company grew to have a 13% share of the country’s total exports, making it the largest sesame seed exporter in the market. Yet despite sending seeds to customers in 40 countries, it’s still firmly a medium-sized enterprise, with last year’s revenues clearing just $83 million.
