PremiumMUMBAI: Asirvad Microfinance Ltd, a subsidiary of Manappuram Finance, on Monday said it has raised $15 million loan from WorldBusiness Capital.
The commercial loan from WorldBusiness Capital, Inc., based in Hartford, Connecticut, has a tenure of seven years.WBC’s loan is supported by the US International Development Finance Corporation (DFC).
“This transaction with an international institution coming at this challenging juncture certainly gives a boost to the microfinance sector and reiterates the resilience Asirvad has always shown, and the speed at which it bounces back.", said Raja Vaidyanathan, managing director, Asirvad Microfinance.
DFC partners with private sector entities to finance solutions for critical challenges facing the developing world.
Proceeds from the loan availed under India’s ECB norms will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas to start and expand their income-generating business.
The WBC loan is Asirvad’s third long-term facility denominated in foreign currency from an international financial institution.
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