Accion Extends Credit Guarantees Worth $1.5 Million to 2 MFIs
Thursday, March 3, 2011
New Delhi, Mar 1 (PTI) Non-profit group Accion International today said it has extended credit guarantees worth USD 1.5 million to two micro finance companies in India.
Accion has issued a USD 1 million standby letter of credit (SBLC) for its partner Swadhaar FinServ and another guarantee worth USD 500,000 to Bihar-based Saija Finance.
The credit guarantees helped Swadhaar FinServ and Saija Finance secure loan facilities to the tune of Rs 50 million and Rs 30 million, respectively, Accion said in a press release issued by Asianet.
“With these two SBLCs, Accion’’s guarantee facility is encouraging the flow of funds for important client services,” the release said.
Swadhaar serves nearly 47,000 micro entrepreneurs and has an outstanding loan portfolio of USD 8.8 million while Saija — which has a loan portfolio of USD 1.8 million — caters to over 15,000 people.