Tuesday, April 4, 2006
Two local microfinance nonprofits are recruiting private investors to join them in their fight against global poverty.
Redmond-based Unitus Inc. recently completed a $9 million initial close on a $20 million private equity fund meant to buy stock in its microfinance partners. The new money will provide additional resources for the nonprofit’s eight microfinance partners, which are located abroad and backed by Unitus-facilitated grants and loans. Those partners currently provide services, primarily credit and savings, to about 600,000 working poor.
Also, Seattle-based Global Partnerships is preparing to raise $5 million from private and institutional investors for its second loan fund. The fund will provide additional capital for the nonprofit’s four Latin American microfinance partners, which already receive grants and consulting assistance to serve more than 130,000 poor people.