SIDBI Mumbai/IBNS: Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs) has entered into a partnership with Google India Pvt. Ltd. (GIPL) for having a pilot social impact lending programme with financial assistance up to Rs. 100 lakh at subsidized interest rates targeted at micro enterprises.
This one-of-a-kind partnership with GIPL brings a corpus of USD 15 million (approx. Rs. 110 crore) to micro enterprises as a crisis response related to COVID-19 to reinvigorate the MSME sector in India.
The partnership envisages a loan programme targeted at micro enterprises (having turnover up to Rs. 5 crore), with loan sizes ranging between Rs. 25 lakh to Rs. 1 crore, being implemented by SIDBI.
Major focus under the programme shall be on enterprises run by women entrepreneurs, with suitable interest rate concession also envisaged for such enterprises.
Shri Sivasubramanian Ramann, IA&AS, Chairman and Managing Director of SIDBI said, "Today we feel proud that SIDBI’s efforts in reviving the sector are backed by a strong collaboration with Google, a public spirited and conscientious partner. This one-of-a-kind program brings a corpus of INR 110 Crores to small businesses and crisis response related to Covid-19 to reinvigorate the MSME sector in India.
"This also marks SIDBI’s launch of a paperless journey to its customers from onboarding to the disbursal stage. With renewed hope in making a full and vital economic recovery, we look to this collaboration to enhance our efforts in expanding the sector’s access to credit and are very eager to see the constructive impact that we can achieve together."
Speaking about the collaboration, \Sanjay Gupta, Vice President & Country Manager, Google India, said, "We have had a longstanding commitment to enable India’s small businesses in leveraging the opportunity provided by digital so that they scale, innovate and reach new customers through a range of tools, services and products that is especially designed for them.
"Right at the outset of COVID-19, we launched a series of efforts that responded to the fact that these businesses have been disproportionately impacted by the pandemic. In joining hands with SIDBI, which has a deep understanding of the growth needs of this large and dispersed ecosystem, we’re pleased to expand our support to these enterprises."
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