Asirvad gets USD15 mn loan from US firm
Asirvad Microfinance, a subsidiary of Manappuram Finance, has announced the closing of a $15 million (Rs 111.15 crore), 7-year commercial loan from WorldBusiness Capital, Inc based in Hartford, Connecticut (US).
WBC’s loan is supported by the US International Development Finance Corporation (DFC), the US Government’s developing finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. 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 will be Chennai-based Asirvad’s 3rd long-term facility denominated in foreign currency from an international financial institution.
Raja Vaidyanathan, MD, Asirvad Microfinance, said, “This transaction coming at this challenging juncture certainly gives a boost to the microfinance sector.”
