Medical Credit Fund Joins 150 Other Financial Institutions to Promote SME Finance
Washington, D.C. May 14, 2019 – Medical Credit Fund (MCF) became the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
“200 million businesses worldwide need financing to invest, grow and create new jobs. We are proud to have Medical Credit Fund join our network of 150 members who work to expand access to finance for small and medium businesses,” said Matthew Gamser, CEO of the Forum.
MCF was founded in 2009 by the PharmAccess Group to meet the challenges faced by health SMEs in Sub-Saharan Africa. Together with local partners, MCF works to reduce investment risks for health SMEs through an innovative, integrated approach that combines financing with technical assistance to improve the bankability of health.
In many African countries, the health public-sector struggles to meet the dual demands of growing populations and limited resources. As a result, over 50 percent of Africans use private healthcare facilities. MCF is the only fund dedicated to financing small and medium-sized healthcare facilities in Africa.
“We want to develop our knowledge and skills through the Forum’s working groups,” said Arjan Poels, Managing Director for Medical Credit Fund. “It is import for us to expand our reach towards meeting the needs of health SMEs’ access to finance, and we believe this partnership will help us do that.”
To date, MCF has provided nearly 3200 loans to 1500 clinics in six African countries, disbursed over $55 million in loan capital with a repayment rate of more than 96 percent, and provided technical assistance services to over 1,000 clinics.
To see all SME Finance Forum members, please visit: https://www.smefinanceforum.org/members/member-list
About SME Finance Forum
The Forum operates a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. Its members share a common commitment to advancing finance so that small and medium enterprises can flourish and grow. The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 and is managed by the International Finance Corporation (World Bank Group).
About Medical Credit Fund
Founded in 2009 by the PharmAccess Group to meet the challenges faced by health SMEs in Sub-Saharan Africa. Medical Credit Fund (MCF) aims to increase access to better healthcare services in sub-Saharan Africa for low-income patients and is the only fund dedicated to financing small and medium-sized healthcare facilities in Africa. The fund now stands at approximately $55 million, with loans varying from $1,000 to a maximum loan size of $2.5 million.