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Bihar-based micro-finance co gets VC funding
PATNA — In one of the rare micro-finance deals in Northern India, Accion International, a Boston-based nonprofit organisation investing in micro-finance institutions globally, has picked up 49.5% equity stake in Saija Finance Pvt Ltd for $500,000. Accion has invested through its equity investment arm, Accion Gateway Fund, and it is its fourth investment in India.
Saija Finance is a Patna-based micro-finance start-up, which provides financial services to micro-entrepreneurs, and low and middle-income families in India. The company believes the funding will help it expand its services in other states as well.
“We plan to offer individual and group loans to over four lakh people by 2014, and roll out financial literacy training as well,” said the company in a statement.
Currently, Saija Finance is operational in Bihar, Jharkhand, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.
SFPL was started by SR Sinha with a small portfolio of micro loans, taken over from its associate non-profit entity, Saija Vikas. The company started in July 2007 with a market research survey interviewing 1500 clients in the Patna slums regarding their socio-economic conditions, prevailing economic activities and current access to financial products.
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We wish all success to microfinance co.
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I think this is a recognition of “Oppertunity” in our state. This is a good sign in terms of advocating investment. If a small compay like Saija can operate effectively in Bihar then why not big banks like SBI and CBI. My point is, the ratio of loans/deposits in these national banks are very poor. The deposit is good but these banks are not giving enough loans. I dont have data but I can say definetly that the money is being invested in places like Delhi and Mumbai. Gov should take strong and strict action and if possible Gov can take counter guarantee of big loans to stop moving funds outside Bihar.
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