YES BANK part­ners with OPIC, Wells Fargo to sup­port Women En­trepreneurs and SMEs

The DQWeek (Kolkata) - - NATION - DQW NEWS BU­REAU Ben­galuru

YES BANK has teamed up with the Over­seas Pri­vate In­vest­ment Cor­po­ra­tion (OPIC), the U.S. Gov­ern­ment’s De­vel­op­ment Fi­nance In­sti­tu­tion, and Wells Fargo on an agree­ment to in­crease lend­ing to small and medium en­ter­prises (SMEs) in In­dia. Specif­i­cally, $50 mil­lion of the fi­nanc­ing will be used to ex­pand sup­port to women-owned busi­nesses, while an­other $50 mil­lion will be used for fi­nanc­ing SME busi­nesses in low­in­come states.

Dev Ja­gade­san, OPIC’s Act­ing Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer (CEO), signed the fi­nanc­ing agree­ment along­side Arun Agrawal, Group Pres­i­dent – In­ter­na­tional Bank­ing, YES BANK, show­cas­ing both the or­ga­ni­za­tions’ ded­i­ca­tion to­wards en­sur­ing ac­cess to fund­ing for women-owned busi­nesses and SMEs in In­dia.

This is the third trans­ac­tion be­tween OPIC and YES BANK and comes close on the heels of last year’s $265 mil­lion OPIC fa­cil­ity, which YES BANK will use to ex­tend SME fi­nanc­ing in In­dia. YES BANK has also part­nered with In­ter­na­tional Fi­nance Cor­po­ra­tion and Women En­trepreneurs Op­por­tu­nity Fa­cil­ity by draw­ing a $50 mil­lion loan in March 2016 for mo­bi­liz­ing cap­i­tal for women en­trepreneurs.

“This sig­nif­i­cant co­fi­nanc­ing agree­ment comes on the back of suc­cess­ful ex­e­cu­tion of two sim­i­lar fa­cil­i­ties by YES BANK over the past two years. This agree­ment with OPIC fur­ther strength­ens YES BANK’s abil­ity to fund and sup­port the unique needs of SMEs and the en­tre­pre­neur­ial ecosys­tem; thereby boost­ing the de­vel­op­men­tal agenda in low-in­come states of In­dia. The agree­ment un­der­scores the po­ten­tial of YES BANK’s busi­ness and fi­nan­cial model. This fa­cil­ity will sup­port fi­nanc­ing to women en­trepreneurs in In­dia for driv­ing fu­ture eco­nomic growth and job cre­ation” said Rana Kapoor, Manag­ing Direc­tor, and CEO, YES BANK.

“OPIC, YES BANK, and Wells Fargo have a strong his­tory of part­ner- ing to sup­port lend­ing to small busi­nesses and I look for­ward to continuing this part­ner­ship to fos­ter eco­nomic growth in In­dia by al­le­vi­at­ing the fi­nan­cial chal­lenges SMEs com­monly face,” said Dev Ja­gade­san, OPIC’s Act­ing Pres­i­dent, and CEO. “OPIC’s fa­cil­ity will help YES BANK ex­pand its SME lend­ing ca­pac­ity, specif­i­cally en­abling them to reach both women and en­trepreneurs in low­in­come states who have much to con­trib­ute to In­dia’s eco­nomic ac­tiv­ity.”

SMEs con­trib­ute about 45 per­cent of in­dus­trial out­put and em­ploy 42 mil­lion peo­ple in In­dia. An es­ti­mated three mil­lion women-owned busi­nesses in In­dia em­ploy over eight mil­lion peo­ple. How­ever, only about a quar­ter of them are able to get the fi­nance they need to grow and cre­ate jobs.

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