The United States’ International Development Finance Corporation (DFC) on Tuesday announced the second disbursement of a $ 50 million loan to promote gender equality in the financing of women-owned businesses. The DFC said the loan distributed through Northern Arc Capital will primarily benefit women-owned businesses as well as products and services benefiting women, as well as businesses in the food security and food security sectors. water, sanitation and hygiene (WASH).
“Many communities around the world are facing acute challenges in food security, sanitation and financial inclusion, which are having a negative impact on women-owned businesses,” said the vice president of the DFC External Affairs Office, Algene Sajery.
“DFC’s support for Northern Arc is an investment in the economic empowerment of women and sends a powerful message of the US government’s support for gender equality in India,” she said.
A large portion of them are female borrowers and entrepreneurs. A women-led organization, the team strongly believes in diversity and the role women can play in generating positive results for society and for the economy as a whole. The investment by US DFC will help Northern Arc extend funding to many deserving borrowers, ”said Northern Arc Managing Director and CEO Kshama Fernandes.
Women-owned businesses across the world are chronically underfunded, the DFC said in a press release, adding that in India, women entrepreneurs face a funding gap of hundreds of millions of dollars, while that small and medium-sized enterprises (SMEs) headed by women face a deficit. in the tens of billions of dollars.
DFC’s $ 50 million investment will help close these funding gaps. With this loan, Northern Arc will provide expanded funding to its network of inclusive financial institutions, entrepreneurs and small businesses catalyzing traditionally underserved populations to create new jobs and grow their local economies, according to the press release.
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