Unitus to recieve $9 million support from Omidyar Network

IndiaWest Online reports that Unitus, Seattle and Bangalore based organization providing consulting support to MFIs, just received a $9 million grant from Omidyar Network. The grant is meant to support expansion of Unitus programs beyond India.

The article features one of Unitus partners, MokshaYug Access (MYA). MYA recently received $2 million funding from Unitus Equity Fund (UEF) and we have featured MYA in this space before:

One of Unitus’s success stories in India is Moksha Yug Access, founded by 36-year-old Harsha Moily. MYA is based in Bagalkot, a rural district outside Bangalore. The organization partnered with Unitus in 2007, its second year of operation.

“The consultancy service from Unitus brought more efficiency to our operations which translated into lower interest rates for our borrowers,” Moily told India-West by telephone from Bagalkot. “I have access to the brightest minds at Unitus,” he said.

2 Responses

  1. i would like to know who i talk to about a loan to start a low income housing complex.
    any help will be app.
    Michael Owen

  2. Michael,

    To receive an individual loan, organizations such as Unitus would not be a good starting point, as they focus on making existing MFIs more efficient and scalable. I would suggest, however, to simply google search MFI and whatever country you live in right now.

    If you are in India, both SKS Microfinance and Bandhan, are major players in this industry. That being said, a loan to start a low income housing complex is likely to be too large for an MFI to handle. This area of mid-level financing is difficult to find, but organizations like Acumen do operate in this space.

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