Asirvad Microfinance Ltd. Raises US $ 15 Million Loan from WorldBusiness Capital
4th largest NBFC MFI in India and subsidiary of Manappuram Finance Ltd., Asirvad Microfinance Ltd. raised $ 15 million (Rs 11.15 crore) from WorldBusiness Capital, Inc., based in Hartford, Connecticut (US).
The WorldBusiness Capital loan is backed by the United States International Development Finance Corporation (DFC), the US government’s developing financial institution. The WBC loan will be Asirvad’s third long-term foreign currency denominated facility with an international financial institution.
Raja Vaidyanathan, Managing Director of Asirvad Microfinance Ltd. said: “This transaction with an international institution which is reaching this difficult stage certainly gives a boost to the microfinance sector and reiterates the resilience that Asirvad has always demonstrated and the speed at which it is rebounding.”
Yogesh Udhoji, Chief Financial Officer, Asirvad Microfinance Ltd said, “With this funding, we look forward to helping rural women with economic opportunities transform the quality of their lives.”
Rob Monyak, WBC Executive Vice President and Director of Lending for Eurasia / Africa Lending, said: “We are delighted to have the opportunity to support this dynamic financial institution that has built a viable business model to meet the needs of women-owned businesses. in rural areas. Asirvad plays a critical role in providing this underbanked segment of the market with the access to the financing it needs to establish and grow its business.