SIDBI, Google create Rs 110-crore corpus fund to help MSMEs
Hyderabad: Small Industries Development Bank of India (SIDBI) has entered into a collaboration with Google for having a social impact lending programme with financial assistance up to Rs 1 crore at competitive interest rates targeted at micro enterprises, under a Rs 110-crore ($15 million) corpus fund. This corpus fund has been brought as a crisis […]
Hyderabad: Small Industries Development Bank of India (SIDBI) has entered into a collaboration with Google for having a social impact lending programme with financial assistance up to Rs 1 crore at competitive interest rates targeted at micro enterprises, under a Rs 110-crore ($15 million) corpus fund.
This corpus fund has been brought as a crisis response related to Covid-19 to reinvigorate the MSME sector in India. The collaboration envisages a loan programme targeted at micro enterprises (having turnover up to Rs 5 crore), with loan sizes ranging between Rs 25 lakh and Rs 1 crore, being implemented by SIDBI.
Major focus under the programme will be on enterprises run by women entrepreneurs, with suitable interest rate concessions also envisaged for such enterprises.
Sivasubramanian Ramann, CMD, SIDBI said, this one-of-a-kind programme brings a corpus of Rs 110 crore to small businesses. This also marks SIDBI’s launch of a paperless journey to its customers from onboarding to the disbursal stage.
Right at the outset of Covid-19, Google launched a series of efforts that responded to the fact that these businesses have been disproportionately impacted by the pandemic, Sanjay Gupta, VP & country manager, Google India added.
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