Google And SIDBI Join Hands To Support MSMEs
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♦The collaboration will test a social impact loan initiative that would provide MSMEs with up to Rs 1 crore in funding at competitive interest rates.
♦As a crisis reaction to the Covid-19 outbreak, it will provide a $15 million fund to MSMEs.
♦SIDBI is implementing a lending programme for micro firms (with a revenue of up to Rs 5 crore) as part of the deal. The loans ranged in amount from Rs 25 lakh to Rs 1 crore.
♦The collaboration between SIDBI and GIPL will enhance the efforts in expanding MSEM sector’s access to credit.
♦It also marks the launch of a paperless journey of SIDBI to its customers, right from on-boarding to the disbursal stage.
Small Industries Development Bank of India (SIDBI)
♦SIDBI is India’s apex regulatory organisation in charge of licencing and regulating micro, small, and medium enterprise financial companies.’
♦It is under the Ministry of Finance’s control. SIDBI is based in Lucknow and has offices around the country.
♦ It was established with the goal of providing banks and financial institutions with refinancing options. SIDBI provides term loans and working capital financing to businesses.
♦ It is also the primary financial institution in the MSME sector. An Act of Parliament formed SIDBI on April 2, 1990.