MICROCAPITAL BRIEF: Mimoza Enterprises Finance (Mimo) Receives $1.5m Loan from Unitus Incorporated, US Overseas Private Investment Corporation (OPIC) and Citi Microfinance

Mimoza Enterprises Finance (Mimo), an Indian microfinance institution (MFI) with a gross loan portfolio of USD 5.1 million, has received a loan of USD 1.5 million from Unitus Incorporated, an international nonprofit organization that provides funding and consulting services to microfinance institutions. The loan is part of a USD 15 million loan facility which was created by US Overseas Private Investment Corporation (OPIC), a US government agency that invests in international development projects; Citi Microfinance, the holding of financial conglomerate Citi that aims to support MFIs; and Unitus Incorporated, which is managing the facility. The facility was created in order to provide funding for MFIs. This loan is intended strictly for client-lending to help Mimo grow [1].

Mimo offers loans and insurance and has 44,258 active borrowers as of 2008 with an average loan balance per borrower of USD 116.

By Julia Korn, Research Associate

About Mimoza Enterprises Finance (Mimo):

Established in 2006, Mimoza Enterprises Finance (Mimo) is a microfinance institution (MFI) based in India. It provides loans and insurance. As of 2008 it had a gross loan portfolio of USD 5.1 million, 44,258 active borrowers, an average loan balance per borrower of USD 116, and total assets of USD 5.5 million.

About Unitus Inc.:

Unitus Inc. is an international nonprofit organization that aims to accelerate the growth of microfinance to alleviate poverty. Unitus draws on employees from a variety of backgrounds, including microfinance, banking, technology and consulting, to provide microfinance institutions (MFIs) with expertise and funding. As of 2008, Unitus worked with 23 MFIs in India, Southeast Asia, East Africa, South America and Mexico. Unitus also participates in the Unitus Equity Fund I, which is managed by Elevar Equity  Advisors and invests in MFIs in India and Latin America.

About Overseas Private Investment Corporation (OPIC):

The Overseas Private Investment Corporation (OPIC) is an agency of the United States federal government that invests in international development projects. It provides financing through direct loans as well as guarantees, political risk insurance and investment funds. As of 2008, it worked in approximately 150 countries. As of 2008, OPIC had assets totaling USD 6.2 billion.

About Citi Microfinance:

Citi Microfinance, created in 2005 as part of Citigroup, worked with over 100 microfinance institutions (MFIs), networks and investors as clients and partners in 40 countries as of 2008. It aims to expand financial services available to the poor by offering various products and services, including financing, access to capital markets, transaction services, hedging foreign exchange risk, credit, savings, remittances and insurance products.

Sources and Additional Resources:

[1] Financial Chronicle. “Mimo raises Rs 7 crore debt” by Sanjay Vijay Kumar on June 24, 2010. http://www.mydigitalfc.com/entrepreneurship/mimo-raises-rs-7-crore-debt-

MicroCapital. “MICROCAPITAL BRIEF: Unitus, US Overseas Private Investment Corporation (OPIC) and Citi Microfinance Finalize $15m Credit Facility for Microfinance Institutions” by Eric McKay on March 30, 2010. https://www.microcapital.org/microcapital-brief-unitus-us-overseas-privat

MicroCapital Universe. Mimoza Enterprises Finance (Mimo): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mim

MicroCapital Universe: Unitus Inc.: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni….

MicroCapital Universe: Overseas Private Investment Corporation (OPIC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ove

MicroCapital Universe: Citi Microfinance: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cit

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

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