Loom Solar, a solar panel and lithium battery manufacturing startup based out of Haryana, is the latest recipient of approval from the Energy Access Relief Fund for $1.999 million for a subsidized 5% USD financing.
The Energy Access Relief Fund is managed by Social Investment Managers and Advisors (SIMA). It provides relief funding to viable energy access companies in sub-Saharan Africa and Asia that are facing disruptions caused by Covid-19.
EARF has been designed to provide up to 3.5-year tenure, subordinated, unsecured, and low-cost subsidized loans to companies that had viable business models prior to Covid and that are facing liquidity challenges due to Covid-19.
The fund intends to focus on the smaller to mid- sized energy access companies that are addressing the needs of the bottom of the pyramid consumers.
As of end of November 2021, the Energy Access Relief Fund has approved relief funding to 38 companies across 14 countries.
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