Satin receives senior loan facility of USD 5 million from Austrian financier

Microfinance institution (MFI) Satin Creditcare Network (SCNL) on Tuesday said it has received a senior loan facility of USD 5 million from Oesterreichische Entwicklungsbank – OeEB, Austria, through external commercial borrowing route.

''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 Chairman and Managing Director H P Singh said in a release.

In November 2019, the micro lender had 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.

OeEB, a wholly-owned subsidiary of Oesterreichische Kontrollbank (OeKB), Austria, provides financing to companies in developing countries and emerging markets and strengthens the developmental effects with collateral measures.

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