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YES Bank gets funding for financing SMEs

YES Bank has secured $150 million funding from US government and Wells Fargo to fund SME lending. This is the third round of funding as part of arrangement between the Overseas Private Investment Corporation (OPIC), a US government development finance institution, and Wells Fargo, with the objective to increase lending to small and medium enterprises in India. OPIC will provide $75 million in financing to YES Bank and up to $75 million as a syndicated financing from Wells Fargo Bank. OPI had in 2016 provided $265 million facility, which the bank is using to extend SME financing in India. The bank said at $50 million of the present round of financing would be used to expand support to women-owned businesses, while another $50 million will be used for financing small and medium enterprises (SME) in low income states.

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