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Satin Creditcare Network Ltd (SCNL), a micro finance company, has received $9.4 million External Commercial Borrowing (ECB) funding anchored by responsAbility Investments AG, an international impact asset manager.
This is the second round of ECB funding by foreign institutions in SCNL showcasing their confidence in the company and the microfinance sector in India.
The funds raised will be for further growth in assets under management of SCNL.
H.P.Singh, Chairman & MD, SCNL said, “We are grateful to ‘responsAbility Investments AG’ for their continued belief in us and the MFI sector, as we are an important source of credit for the unbanked borrowers. These investments will help us manage our medium term funding and also help in our liability mix.
“We are also planning to expand our geographical footprints and these investments will help us boost the process,” he added.
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