This partnership with GIPL brings a corpus of $15 million (approximately ₹110 crore) to Micro, Small and Medium Enterprises (MSMEs) as a COVID-19 related crisis response, SIDBI said in a release.
Small Industries Development Bank of India (SIDBI) on 18 November said that it has partnered with Google India Pvt Ltd. Ltd. (GIPL) to conduct a social impact loan program with financial assistance of up to ₹1 crore at concessional interest rates to MSMEs.
This partnership with GIPL brings a corpus of $15 million (approximately ₹110 crore) to Micro, Small and Medium Enterprises (MSMEs) as a COVID-19 related crisis response, SIDBI said in a release. .
Under this, a loan program targeted at micro enterprises (turnover up to ₹5 crore), is being implemented by SIDBI with loan size between ₹25 lakh to ₹1 crore, the release said.
Sivasubramaniam Raman, Chairman and Managing Director, SIDBI, said in the release, “We look forward to this collaboration bolstering our efforts to increase the sector’s access to credit and look forward to seeing the creative impact that we can achieve together. Huh.”
He said that this also marks the beginning of paperless journey by SIDBI for its customers from on-boarding to disbursal phase.
Sanjay Gupta, Vice President and Country Manager, Google India said, “By joining hands with SIDBI, which has a deep understanding of the growth needs of this large and sprawling ecosystem, we are pleased to extend our support to these enterprises.” While the main focus under the program would be on enterprises run by women entrepreneurs, suitable interest rate concessions have also been envisaged for such enterprises, the release said.
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