National

Asirvad Microfinance raises $15 million from WorldBusiness Capital

Our Bureau Chennai | Updated on May 25, 2021

Proceeds from the loan will enable Asirvad to expand its business in rural areas

Asirvad Microfinance Ltd has mobilised $15 million (₹111.15 crore), 7-year commercial loan from US-based WorldBusiness Capital (WBC), Inc

“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,” Raja Vaidyanathan, MD of Asirvad Microfinance Ltd, said in a statement.

WBC’s loan is supported by the United States 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.

Also read: Northern Arc Capital facilitates external funding for Asirvad Microfinance

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.

“With this funding, we look forward to helping rural women with economic opportunities to transform the quality of their lives,” said Yogesh Udhoji, CFO, Asirvad Microfinance Ltd.

The WBC loan will be Asirvad’s third long-term facility denominated in foreign currency from an international financial institution.

“Asirvad plays a vital role in providing this underbanked segment of the market with access to the financing they need to establish and grow their businesses. The financial institution has constructed a viable business model to meet the needs of woman-owned enterprises operating in rural areas,” said Rob Monyak, WBC’s Executive Vice-President and Chief Lending Officer for Eurasia/Africa Lending.

Published on May 25, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor