WBC Announces Closing of $8 Million DFC-Backed Loan to India’s Sonata Finance Supporting Entrepreneurs and Women-Owned Businesses Through 451 Branches
UTTAR PRADESH, INDIA, August 4, 2022 - WorldBusiness Capital, Inc. (WBC) announced the closing of an $8 million loan to India’s Sonata Finance Private Limited (Sonata). WBC’s loan is partially guaranteed by United States International Development Finance Corporation (DFC), America’s development bank. Long-term funding provided by WBC will enable Sonata to offer attractive and cost-effective microfinance loans fostering business opportunities for entrepreneurs throughout Northern and Central India using the proven “self help group lending model.”
Anup Kumar Singh, Managing Director at Sonata, remarked, “The funding from WBC will surely help us to strengthen our ongoing lending services to a larger section of our existing and potential customer base and accelerate our reach across India. Further, Sonata will maximize its funding towards employment generation in rural areas, and empower more women to optimize their income and have a better quality of life.”
Rohit Choudhary, WBC’s Senior Vice President and manager of its lending programs for India, said, “Sonata is an ideal beneficiary of WBC’s DFC-supported loan program in that they will be using our funding to support a segment of the Indian entrepreneurial community that has difficulty obtaining financing for the expansion of their businesses. We consider Sonata to be a highly creditworthy partner and are excited to embark on this long-term partnership with them.”
About Sonata Finance Private Limited
Sonata Finance Private Limited (www.sonataindia.com), established in 2006, is headquartered in Lucknow, Uttar Pradesh, India. Sonata is a non-bank financial company licensed and regulated by the Reserve Bank of India. Sonata is a highly developed microfinance company operating 451 branches across nine states in Northern and Central India. The company’s 2,800 employees serve a customer base of over 700,000 clients. Sonata’s mission is to identify, motivate, and empower low-income women entrepreneurs in a cost-effective way, and deliver to them microfinance-related services in an honest, timely, and efficient manner.
About WorldBusiness Capital, Inc.
WBC (www.worldbusinesscapital.com) is a regulated commercial finance company and direct lender that offers long-term loans helping middle market businesses, investment funds, and financial institutions capitalize on global growth opportunities. WBC’s long-term loans finance companies and projects in a wide variety of industries. Founded in 2003, WBC is staffed by multilingual professionals with many years of experience in corporate, trade, and project finance. Our team has a proven track record of successfully closed loans in the United States and around the world.
