Satin Creditcare gets $15 million funding from Development Bank of Austria

Micro-finance company Satin Creditcare Network on Friday said it has received external commercial borrowing funding (ECB) of $15 million (around Rs 107.2 crore) from Development Bank of Austria (OeEB), to accelerate its lending portfolio.

The investment will support Satin Creditcare Network (SCNL) in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 22 states, the micro-finance company said in a statement.

This will be the third round of external commercial borrowing (ECB) funding by a foreign institution in SCNL.

The first ECB investment in SCNL was by World Business Capital and second investment was by responsAbility Investment.

“The funding from OeEB will help us to strengthen our ongoing credit lending services to a larger section of existing and potential customer base and accelerate our reach across India,” SCNL Chairman and MD H P Singh said.

“Increasing financial inclusion is one of our main strategic goals. We are therefore proud to work with SCNL,” Sabine Gaber, Member of the Executive Board of the Development Bank of Austria said.