Guarantco: Northern Arc Raises 325 Crore | Chennai News - Times of India
Summary
Chennai: GuarantCo , part of the Private Infrastructure Development Group (PIDG), along with private sector bank Axis Bank has announced a collaboration with technology and data powered diversified financial services company, Northern Arc Capital , to deploy 325 crore across sectors such as microfinance, small business enterprises, commercial vehicle financing, affordable housing and education.Over a period of five years, around two lakh Indians from low-income and rural regions are expected to benefit from this collaboration through improved access to affordable loans, a statement here on Tuesday said. While 50% of beneficiaries are expected to be women, a large number of small and medium-size enterprises will benefit through an increased access to finance via small business loans.Ashish Mehrotra, CEO & MD, Northern Arc Capital said, thousands of underserved borrowers stand to benefit by way of entrepreneurship and employment through the funds deployed as a part of this collaboration.Layth Al-Falaki, CEO of GuarantCo said, The easier access to finance and longer terms offered to borrowers will not only benefit the local economy but also improve the lives of an estimated 200,000 people in India.