Mimo Finance gets Rs 7 Crore debt from Unitus

Mimoza Enterprises Finance (Mimo Microfinance) a microfinance institution with operations in North India has availed Rs 7 crore ($1.5 million) debt facility from Unitus.The loan was extended from a $15 million catalytic debt facility created by Unitus along with Overseas Private Investment (Opic) and Citi for funding smaller MFIs in emerging microfinance markets.

The loan is a portfolio expansion loan, which means the funds can only be used for lending to clients and it is the first one extended from the credit facility created by Unitus and Opic in March.

Mimo has more than 38 branches and a loan portfolio that exceeds Rs 33 crore. It has strong presence in urban and semi-urban areas of Uttarakhand, Uttar Pradesh, Rajasthan, Himachal Pradesh, Haryana and Madhya Pradesh.

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