Satin receives senior loan facility of $5M from OeEB, Austria

The credit support shall solidify the financial structure of the company and enable it to bestow its clients with provisions to navigate the pandemic landscape, the company said.

May 04, 2021 04:05 IST India Infoline News Service

Satin Credit
Satin Creditcare Network Limited received a senior loan facility of USD 5 million from Oesterreichische Entwicklungsbank – OeEB, Austria through the External Commercial Borrowing channel.

Earlier in November 2019, Satin also signed a USD 15 million bilateral credit facility agreement with OeEB to finance income-generating and income-increasing activities of female small-scale and subsistence entrepreneurs in India.

Oesterreichische Entwicklungsbank – OeEB, is a wholly-owned subsidiary of Oesterreichische Kontrollbank (OeKB), Austria. As a private stock company with a public mandate, it provides financing to companies in developing countries and emerging markets and strengthens the developmental effects with collateral measures. OeEB creates better living conditions through a vibrant economy.

“We are proud to be associated with OeEB Oesterreichische Entwicklungsbank which provides a stimulus for sustainable economic growth and combines commercial financing with the principles of development cooperation as we wish to provide financial assistance to financially excluded community and make Micro-finance inclusive and purpose-driven. The credit support shall solidify the financial structure of the company and enable it to bestow its clients with provisions to navigate the pandemic landscape,” HP Singh, Chairman and Managing Director, Satin Creditcare Network Ltd, said.

Satin Creditcare Network Ltd trade on Tuesday ended at Rs85.55 per piece down by Rs0.55 or 0.64% from its previous closing of Rs86.10 per piece on the BSE.

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