IFC eyes $60-M loan to support women-led firms – BusinessWorld Online
THE INTERNATIONAL Finance Corp. (IFC) is eyeing a $60-million loan to CreditAccess Philippines Financing Co., Inc., which operates as OnePuhunan, to help expand lending to women-owned microenterprises in rural areas in the Philippines.
In a disclosure on Dec. 24, the private sector arm of the World Bank Group said the proceeds of the proposed investment will be deployed towards lending to women-owned micro-entrepreneurs in countryside areas.
“The Project will demonstrate the viability and business case for addressing these segments, and contribute towards extending financial access to underserved communities,” it said.
IFC said the proposed investment is a dollar-denominated three-year senior loan of up to $60 million that includes IFC’s own account of up to $20 million and the mobilization of an aggregated amount up to $40 million from B Loan and/or Parallel Loan.
OnePuhunan is a financing company that was established in 2014 and is owned by CreditAccess, SEA B.V. It has over 600,000 customers and 300 branches across 16 regions in the Philippines.
The company provides financial services focusing on low-income individuals and small businesses that are not served by traditional banking institutions. — Aubrey Rose A. Inosante