Tag: DFC

HDFC Bank, Mastercard, 2 others launch $100-mln credit facility for MSMEs, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


HDFC Bank, Mastercard USAID, and DFC today announced a $100-million credit facility for micro, small and medium enterprises, which will help promote small businesses in India to digitise and recover from the economic impacts of the pandemic, Mastercard said in a statement.

“HDFC Bank is proud to join hands with Mastercard, USAID, and DFC in the endeavor to support small businesses in India”, said Rahul Shukla, Group Head, HDFC Bank.

HDFC Bank will reach beyond its current customer base to make at least 50% of this credit facility available to new small business borrowers and women entrepreneurs, while Mastercard will provide skills training and education on digitisation options, and DFC and USAID will facilitate the extension of the credit facility by de-risking HDFC Bank’s lending to small business owners.

Furthermore, the credit facility will be made available exclusively to new credit customers, with a goal of at least 50% being women entrepreneurs.

“At USAID, we believe gender equality and women’s empowerment are not just a part of development but are its core”, said Veena Reddy, mission director, USAID India.

The new credit facility aims to expand lending to small businesses that need financing to maintain and expand their operations, and enable recovery through digitisation. It also aims to support women-led businesses.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

Indifi secures Rs 35 crore in debt financing from IndusInd Bank, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Online lending platform Indifi Technologies on Monday said it has secured Rs 35 crores in debt financing from IndusInd Bank Ltd. These funds were deployed through a Rs 35 crore of term loan from IndusInd bank’s impact investing group to Riviera Investors Private Limited which is Indifi‘s in-house Non-Banking Financial Company (NBFC) arm.

The funds will be used for onward lending to small businesses (Micro, Small and Medium Enterprises) to accelerate post-COVID economic recovery, Indifi said.

“We are extremely thankful to the US International Development Finance Corporation (DFC) and IndusInd Bank for this facility which comes to us at the right time and helps us in our goal of extending debt financing to underserved MSMEs who are recovering from the COVID impact,” Siddharth Mahanot, Co-founder and COO, Indifi Technologies, said in a statement.

Indifi claims to have successfully disbursed over 30,000 loans across more than 12 industries since its inception.

“Indifi deploys a unique and innovative approach to improve access to finance for small businesses, which are an important engine for economic growth in the Indian economy,” Loren Rodwin, Managing Director of Social Enterprise Finance in DFC’s Office of Development Credit said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Kinara Capital gets $10 mn from IndusInd Bank to further MSME financial inclusion, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Kinara Capital has secured $10 million (Rs 74 crore) from IndusInd Bank with a 100% guaranty from the U.S. International Development Finance Corporation (DFC). This investment to be utilised towards the expansion of MSME financial inclusion across manufacturing, trading, and services sectors in India.

“Our partnership with IndusInd and DFC underscores our shared commitment to ease the credit hurdle faced by most small business entrepreneurs in India. MSMEs galvanise India’s economy with income generation and job creation and there is an ever increasing demand for financing for businesses to rebuild and grow this year. This investment from IndusInd Bank and DFC will accelerate financial inclusion of small businesses, thereby invigorating local economies,” said Hardika Shah, Founder & CEO, Kinara Capital.

The total amount of $10 million investment for onward lending to small business entrepreneurs will be deployed over five years from IndusInd Bank’s Impact Investing division. This three-way partnership between Kinara Capital, IndusInd Bank and DFC unites the organisations’ shared goals to promote entrepreneurship, financial inclusion and job creation.

“We are glad to have associated with DFC to support a strong impact creating entity, Kinara Capital, in their growth trajectory. The guaranty from DFC eliminates foreign exchange rate fluctuation risk from the balance sheet of Kinara and it has become an important tool to mobilise debt funding for impact space companies,” said Roopa Satish, Head, Corporate & Investment Banking, CSR & Sustainable Banking, IndusInd Bank.

“Commitment towards financial inclusion from Kinara Capital has made it possible for us to collaboratively help India’s small business entrepreneurs. We are motivated by the high potential and the high prospects of the diverse MSME sector in India and proud to partner with both IndusInd and Kinara Capital,” said Loren Rodwin, Managing Director, Social Enterprise Finance Team, Office of Development Credit at U.S. International Development Finance Corporation (DFC).



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,