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.

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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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