Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Aid Beyond Trade-offs Impact en las Americas New Revivalists Women Rising in India Operation Impact
Smarter Money Women Rising 2030 Finance Locavesting Inclusive Economy Regeneration Impact Tech New Power Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Industry News Impact Management Good Business Personal Finance Faith and investing Billionaires
Gender Lens Investing Women Rising in India
SDGs Climate Finance Clean Energy Innovative Finance Full Stack Capital Long-termism
Opportunity Zones Investing in place
Entrepreneurship Return on Inclusion Good Jobs Inclusive Fintech Creative economy Housing New Schooled Well Being People on the Move
Conservation Finance Farmer Finance Financing Fish
Blockchain/AI/IoT Urban Tech Food Tech Inclusive Fintech
Human Rights Democracy and Peace News and Information
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States Growth Markets
Subscribe Log In

Proximity Finance raises $10 million in debt to expand farmer lending in Myanmar

ImpactAlpha, April 8 – Some 70% of Myanmar’s 55 million population live off the land for their livelihoods. Yet more than two thirds of people don’t have a bank account, let alone access to formal credit and other financial services critical to operating a farm.

Proximity Finance, one of the country’s few farmer-facing microfinance institutions, serves the financial needs of about 100,000 households. The firm aims to nearly double that number over the next five years and have dispersed one million loans. To jumpstart that growth the firm has raised $10 million in debt from OPIC, the U.S. development finance institution, and the Skoll Foundation.

Catalytic to the deal was Skoll’s $2 million in subordinated debt, which helped de-risked an $8 million loan for OPIC and lowered the overall cost of the $10 million loan for Proximity. “This model enables Proximity Finance to leverage commercial capital from an organization like OPIC that we would not normally be able to access were it not for the presence of Skoll,” said Proximity’s Ben Warren.

Proximity Design, Proximity Finance’s parent company, received a Skoll award in 2012.

You might also like...