Unitus Announces 6th Microfinance Partner In India
Thursday, July 28, 2005
Unitus today announced a $1.1 million investment in microfinance institution (MFI) Grameen Koota (GK) in Bangalore, Karnataka, India. The MFI partnership will help GK grow from serving 22,000 to 500,000 clients by 2009. Unitus will provide up to $1 million in catalytic debt and a $100,000 grant for investment in human resources development and implementation of improved management information systems.
“Grameen Koota excels at the on-the-ground work of bringing life-changing microfinance services to India’s poor,” said Unitus President and CEO Geoff Davis. “By helping accelerate Grameen Koota’s growth, together we’ll reach 500,000 clients at a rate that defies industry norms.”
Unitus chose GK because of their exceptional leadership team, urban expansion plans, and demonstrated success serving Karnataka’s working poor.
“Our estimates show that if they had access, almost three and a half million poor in Karnataka could leverage microfinance services to enhance their income and help feed their families, send their children to school, and obtain proper health care,” said GK’s Founder and CEO, Ms. Vinatha Reddy. “With Unitus’s involvement, we plan to address that demand.”
Press release found here.