Satin Creditcare Network Limited (SCNL) shares surged 3.78% on Thursday, July 11, after the company announced that it obtained a loan of 15 million euros from OeEB of Austria to support women entrepreneurs in rural areas.

OeEB stands for Oesterreichische Entwicklungsbank AG, the Development Bank of Austria. 

According to a statement from Satin Creditcare, the European Central Bank (ECB) has given the company a five-year term for the funds, which are meant to strategically grow SCNL’s commercial activities and enhance its clients’ access to micro-credit.

The company’s WASH Loan and Income Generating Loan (IGL) programs, which aim to empower rural women business owners, will benefit from the funds.

This agreement marks the third collaboration between OeEB and Satin Creditcare. A total of $20 million was raised in their two prior successful collaborations.

HP Singh, CMD of Satin Creditcare Network Limited, said, “We would like to share the latest development regarding our external commercial borrowing: the successful raising of 15 million euros. Given our strong focus on deep penetration across Indian villages, these additional funds will significantly enhance our expansion efforts and broaden microcredit access to underserved communities.” 

Singh added that they are determined to level-up and empower women with our outreach programmes and continue to fuel avenues that can make our country self-reliant. With Nagaland being added to the company’s portfolio recently we see new opportunities amongst far Eastern states too. 

In April 2017, the company established Satin Housing Finance Limited, a wholly-owned subsidiary that was dedicated towards affordable and micro-housing loans. Mroeverover, in January 2019, the company acquired a second NBFC licence to run an MSME firm through Satin Finserv Limited. 

At 3:26 pm, the shares of Satin Creditcare were trading 0.92% higher at Rs 212.70 on NSE.

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