North India based microfinance institution (MFI) SV Creditline Ltd (SVCL) has been received long term Non-Convertible Debentures of about 4 Million USD from Blue Orchard, a leading impact investment manager worldwide, specialized in fostering inclusive finance and sustainable growth. The sanction is going to be used for expanding the energy efficiency and renewable energy portfolio. This will strengthen the financial position of the company and pave the path for future growth.
SV Creditline Pvt. Ltd. (SVCL) is registered as a NBFC-MFI under RBI. It started its operations in January 2010 by opening branches in Uttar Pradesh, Madhya Pradesh & Rajasthan and later expanded to Bihar, Haryana, Chhattisgarh, Uttarakhand and Punjab. Company’s mission is to work towards uplifting households out of poverty by supporting them in income generation activities through financial intermediation. SVCL has a vision to provide financial assistance to 2 million households by 2020 across India.
“This funding from foreign entity after 13 months shows the confidence of overseas investors in the sector, as after demonetization the industry felt a halt on foreign funding. This unrated redeemable Non-Convertible Debentures will enable the Company to strengthen its liquidity. The Company will use the fund for green initiative i.e. E-rickshaw, E-charkha, Solar products etc. to its aspiring clients. We are delighted even more as this credit will boost the company’s sustainable environment vision and ecofriendly atmosphere”, said Durgeshwar Mishra, CFO, SVCL.