HDFC Bank, Mastercard and USAID have committed $100-mn credit facility with the aim to expand lending to small businesses.New credit facility will help small businesses that require financing for maintaining and growing their operations.
The credit facility will also enable recovery by means of digitisation.It emphasises on providing support to women-led businesses. 50 percent of the credit facility will be used to lend such businesses.
This partnership has been designed in a manner that, HDFC Bank will look beyond its existing customer base. It will provide at least 50 per cent of the credit facility for the new small business borrowers.HDFC bank has planned to achieve this goal by using its extensive nationwide branch network.
USAID is an independent agency working under the United States federal government. The body is responsible for administering the civilian foreign aid and development assistance. It is one of the largest official aid agencies across the world. It accounts for about half of all U.S. foreign assistance.
