Delhi-based non-banking finance company Mimoza Enterprises Finance (Mimo) has availed Rs 7 crore ($1.5 million) debt facility from Unitus. The loan was extended from a $15 million catalytic debt facility created by Unitus, Overseas Private Investment (Opic) and Citi for funding smaller microfinance institutions (MFIs) in emerging markets.

The loan is a portfolio expansion loan, meaning funds can only be used for lending to clients and it is the first one extended from the credit facility created in March.

“This Unitus-Opic-Citi fund is intended for high-growth potential partners. We believe Mimo has potential to bring benefit to its client base. These funds will allow Mimo to empower more families,” Ganesh Rengaswamy India and southeast Asia director told Financial Chronicle.

Mimo has 38 branches and a loan portfolio of Rs 33 crore as of March 2010. It has significant presence in urban and peri-urban areas of Uttarakhand, UP, Haryana, Rajasthan, Himachal Pradesh and MP.