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.