On December 20th, Unitus successfully closed a $550,000 guarantee facility for partner IIRM, enabling the microfinance institution to access local (Indian) currency from Citigroup.
By guaranteeing repayment, Unitus is helping IIRM provide 4,000 loans to new and existing microfinance clients.
To help underwrite this guarantee, Unitus received a $250,000 facility from Calvert Foundation, which is being funded online via MicroPlace. An eBay company, MicroPlace is a web-based platform that allows everyday people to purchase investments—for as little as $100—from microfinance security issuers.
IIRM is the first Unitus partner to be listed at MicroPlace (since then, Adhikhar and Pro Mujer Mexico have been added). You can read more about the investment opportunity directly via the listing here.