May 27

Asirvad Microfinance Raises $15 Million From WorldBusiness Capital Inc

Asirvad Microfinance, a subsidiary of Manappuram Finance, on Monday said it had raised $15 million (around Rs 110 crore) in a seven-year external commercial borrowing loan from the US-based WorldBusiness Capital Inc (WBC).

The loan is supported by the US International Development Finance Corporation, Asirvad Microfinance said in a statement.

Proceeds from the loan, availed under the external commercial borrowing (ECB) norms, will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas.

Photo courtesy of CGIAR Climate.

Source: Yahoo Finance (link opens in a new window)

financial inclusion, microfinance, rural development, women entrepreneurs