FINCA Impact Finance (FIF), a network of 20 microfinance institutions and banks, has secured a $15m loan facility from Calvert Impact Capital for a period of five years.
The facility will be used by the FIF to support micro-entrepreneurs and small businesses globally and deliver financial services, especially to low-income entrepreneurs.
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The financial services firm said that it will also keep aside a portion of the funds for working capital or boost its network-wide digital transformation.
FIF CFO Roman Hingorani said: “We appreciate the continued confidence and support of our many lenders, like Calvert Impact Capital, who recognise the strength of the FIF network and our track record of social and financial performance.
“With this facility, FIF will maintain significant funding capacity, putting us in a strong position during a challenging time.
“Calvert Impact Capital has supported the FIF network, through direct lending to FINCA affiliates or indirectly through their partnerships with other microfinance investment vehicles, for many years and we look forward to many more.”
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By GlobalDataFIF has seen a steady demand for its products. Its network ended 2019 with $854m in gross loans and increased its client base to more than two million people.
It has enabled financial inclusions by investing in call centres, data collection, digital field automation and credit scoring, and launching mobile, online and agency banking.
