Asirvad Microfinance Ltd. Raises US$ 15 Million Loan from WorldBusiness Capital
Chennai, 24 May 2021.
Asirvad Microfinance Ltd., India’s 4th largest NBFC MFI and a subsidiary of Manappuram Finance Ltd., has announced the closing of a US$ 15 million (Rs.111.15 crore), 7-year commercial loan from WorldBusiness Capital, Inc. based in Hartford, Connecticut (USA).
WBC’s loan is supported by the United States International Development Finance Corporation (DFC), the U.S. Government’s developing finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. Proceeds from the loan availed under India’s ECB nor ms will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas to start and expand their income-generating business. The WBC loan will be Asirvad’s 3rd long-term facility denominated in foreign currency from an international financial institution.
In a statement released to the media, Mr. Raja Vaidyanathan, MD of Asirvad Microfinance Ltd. said, “This tra nsaction with an international institution coming at this challenging juncture certainly gives a boost to the mi crofinance sector and reiterates the resilience Asirvad has always shown, and the speed at which it bounces back.”
Mr. Yogesh Udhoji, CFO, Asirvad Microfinance Ltd said, “With this funding, we look forward to helping rural women with economic opportunities to transform the quality of their lives.”
Rob Monyak, WBC’s Executive Vice President and Chief Lending Officer for Eurasia/Africa Lending, said, “We ar e excited to have the opportunity to support this dynamic financial institution that has constructed a viable bu siness model to meet the needs of woman-owned enterprises operating in rural areas. Asirvad plays a vital role in providing this underbanked segment of the market with access to the financing they need to establish and grow their businesses.
About Asirvad Microfinance Limited
Asirvad Microfinance Limited (www.asirvadmicrofinance.co.in) established in 2007 and headquartered in Chen nai, India, is licensed and regulated by the Reserve Bank of India as a Non-Bank Finance Company-Microfinance institution (NBFC-MFI). Acquired by Manappuram Finance Ltd. in 2015, it is the fourth largest MFI in India to day. The company is engaged in the pursuit of empowering and fulfilling aspirations of millions who are excluded from the formal financial system. Providing loans to approximately 2.6 million women borrowers, Asirvad’s 7,0 00 employees service clients at more than 1,000 branches in 23 states in India.
About WorldBusiness Capital, Inc.
WBC (www.worldbusinesscapital.com), headquartered in Hartford, CT, USA, is a regulated commercial finance company that offers flexible term loans helping small and medium-sized businesses in the manufacturing, distrib ution, logistics, transportation, food processing, packaging, renewables, financial services, and other sectors co mpete in the global marketplace. Founded in 2003, WBC is a direct lender staffed by multilingual professionals with many years of experience in cross-border trade and project finance. The WBC team has a proven track re cord of successfully-closed loans in the U.S. and emerging markets around the world, with a focus on lending in Latin America and the Caribbean, Central and Eastern Europe, Asia, Africa, and the Middle East. WBC’s Eur asia/Africa Lending Team is led by Mr Rob Monyak, Executive Vice President & Chief Lending Officer; Mr. Rohit Choudhary- Senior Vice President; and Mr. George Thompson – Senior Vice President.
