Satin receives a senior loan facility of USD 5 million from OeEB, Austria

Microfinance institution (MFI) Satin Creditcare Network Limited has announced that it has received a senior loan facility of USD 5 million from Oesterreichische Entwicklungsbank (OeEB), Austria through the External Commercial Borrowing channel.

Earlier in November 2019, Satin also signed a USD 15 million bilateral credit facility agreement with OeEB to finance income-generating and income-increasing activities of female small-scale and subsistence entrepreneurs in India.

Mr. HP Singh, Chairman and Managing Director, Satin Creditcare Network Ltd, says, "We are proud to be associated with OeEB Oesterreichische Entwicklungsbank which provides a stimulus for sustainable economic growth and combines commercial financing with the principles of development cooperation as we wish to provide financial assistance to financially excluded community and make Micro-finance inclusive and purpose-driven. The credit support shall solidify the financial structure of the company and enable it to bestow its clients with provisions to navigate the pandemic landscape."

Satin Creditcare Network Limited is a leading microfinance institution (MFI) in the country with a presence in 23 states & union territories and around 84,000 villages.