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SIDBI joins hands with Google to help MSMEs
November 19, 2021
Small Industries Development Bank of India, the financial institution engaged in the promotion, financing, and development of Micro, Small, and Medium Enterprises has entered into a partnership with Google for having a social impact lending programme with financial assistance of up to ₹100 lakh at competitive interest rates targeted at micro-enterprises.
This one-of-a-kind programme with Google brings a corpus of USD 15mn to micro-enterprises as a crisis response related to Covid-19 reinvigorate the MSME sector in the country.
The partnership foresees a loan programme targeted at micro-enterprises, with loan sizes ranging between ₹25lakh and ₹1crore, being implemented by SIDBI. Major focus under the programme shall be on enterprises run by women entrepreneurs, with suitable interest rate concession also foresee for such enterprises.
Shri Sivasubramanian Ramann, IA&IS, Chairman and MD at SIDBI said, “MSMEs are the life blood of the Indian economy serving as catalysts to economic growth and helping inequitable growth and social change. In-Line with SIDBI’s mandate and commitment to the sector to ensure the growth, we have launched various programs for an emergency response to the sudden pandemic”.
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