The funds will be used to expand Baubap’s financial products and provide 3 million new loans over the next 12 months.
Grameen America wants banks and social impact investors to help fuel a doubling of their loan portfolio in the next 5 years; most of the new money to lend will come from their inaugural Small Business Fund and the remaining amount is where they will turn to banks and social impact investors; “It's a way to appeal to impact investors who are interested in this kind of concept as opposed to pure philanthropy,” says David Gough, CFO, to American Banker when talking about the company’s shift to impact investors to fuel growth. Source.
Opportunity Fund is a nonprofit small business lender and Accion US Network leads a nationwide network of community lenders; together...