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SIDBI to launch app-based invoice financing loans platform GST Sahay
October 03, 2023
With an aim to enhance the economic and financial sustainability of micro, small and medium enterprises (MSME), the Small Industries Development Bank of India (SIDBI) is in the process of launching an app-based ‘invoice financing’ loans platform ‘GST Sahay’, an official said.
This was announced by SIDBI, Chief General Manager (CGM), Rahul Priyadarshi at a customer outreach programme here on Wednesday.
“The MSMEs are vital for the economic growth and development of India. They (MSMEs) create jobs and contribute enormously to the socio-economic development of the country. Although several measures for the MSMEs have been taken in the past few years by the government, the crunch in working capital credit is one of the major issues for them. Now, SIDBI is in the process of launching an app-based ‘invoice financing’ loans platform for them,” he said.”
The new invoice platform-GST Sahay will reduce the problem of delayed payments and consequential cash flows mismatches for the MSMEs. The GST Sahay will be an invoice-financing marketplace where MSMEs can use their unpaid invoices to get quick working capital loans”, said Priyadarshi.
While speaking about industrial growth in Bihar, the CGM said, “There is no doubt that the industrial growth is taking place in the state, but SIDBI wants to take this region at a greater height. There is a lot of scope for agro-processing, medical and agri tourism in the state. We are always focused on such businesses and SIDBI wants this region to prosper further”.
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