Featured Photo: Expanding access to finance to women in rural India
Photo Credit Iftin Fatah
Female entrepreneurs who have obtained financing from OPIC-supported Satin Creditcare Network Limited gather for a group meeting in Galand Village in Utter Pradesh State. At a time when access to finance is so limited in developing countries, financing provided by Satin Creditcare has provided individual loans to urban shopkeepers in India. Since Satin was founded as a non-bank financial institution in 1990, it has expanded to become India’s fifth largest microfinance institution (MFI) in terms of assets under management, with operations in 13 states, 329 branches (80% of which are in rural areas), more than 2,800 employees and 1.4 million borrowers. Satin provides loans to both urban poor and rural poor to help them start business or expand existing businesses.
In 2014, OPIC provided $9.75 million in financing to Satin alongside fellow lender WorldBusiness Capital, which helped Satin to expand its lending portfolio to poor and unbanked populations. In addition to providing loans, Satin provides education and training related to financial literacy, debt management and business management.