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CDC Group partners with Northern Arc Capital for first pooled bond issuance
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Northern Arc Capital partners CDC Group to create first pooled bond issuance
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Northern Arc raises $10 mn in ECB from Calvert Impact Capital
March 11, 2021
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Northern Arc Capital, a non-banking finance company (NBFC) that provides access to debt capital for under-banked individuals and businesses, announced that it has raised $10 million in debt through external commercial borrowing (ECB) from US-based impact investor Calvert Impact Capital.
The funding is Calvert Impact Capital’s largest debt investment in India so far.
In a press release, Northern Arc said that it will deploy the funds towards on-lending to financial institutions as well as lending directly to retail customers and to mid-market corporates.
“Underbanked customers, including low-income households and small businesses, to whom credit has dried up over the last few months due to the pandemic, will be key beneficiaries of the proceeds,” the NBFC added.
[Funding alert] Northern Arc raises $10M in ECB financing from Calvert Impact Capital
The Chennai-based digital debt platform will use the funds to support the growth and liquidity needs of its institutional partners as well as lend to small businesses and individuals.
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Northern Arc Capital has raised
$10 million in debt from
US-based
According to the company, this is Calvert Impact Capital’s largest debt investment in India so far. Northern Arc will deploy the funds towards on-lending to financial institutions as well as lending directly to retail customers and to mid-market corporates.
Bama Balakrishnan, Chief Operating Officer of Northern Arc, said,
Northern Arc Capital raises $10 million from US investor Calvert Impact Capital
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Calvert Impact Capital plans to use the fund towards on-lending to financial institutions as well as lending directly to retail customers and to mid-market corporates.
AFP
The investment is aimed a aiding small businesses and promoting gender equity, a cause that is strongly endorsed by both organizations.
Northern Arc Capital has raised $10mn debt from US-based impact investor Calvert Impact Capital, close on the heels of its raising $50 million from American development bank US International Development Finance Corp.
This is Calvert Impact Capital’s largest debt investment in India, Northern Arc said in a statement.
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