Sidbi, Google tie-up to support MSMEs


PTI | Mumbai | Updated: 18-11-2021 15:34 IST | Created: 18-11-2021 15:29 IST
Sidbi, Google tie-up to support MSMEs
Representative image Image Credit: Wikimedia
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Small Industries Development Bank of India (Sidbi) Thursday said it has entered into a partnership with Google India Pvt Ltd (GIPL) for piloting a social impact lending program with financial assistance up to Rs 1 crore at competitive interest rates to MSMEs.

This partnership with GIPL brings a corpus of USD 15 million (around Rs 110 crore) to micro, small and medium enterprises (MSMEs) as a crisis response related to COVID-19, Sidbi said in a release.

Under it, a loan program targeted at micro-enterprises (having turnover up to Rs 5 crore), with loan sizes ranging between Rs 25 lakh to Rs 1 crore, is being implemented by Sidbi, the release said.

"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," Sidbi's Chairman and Managing Director Sivasubramanian Ramanan said in the release.

This also marks Sidbi's launch of a paperless journey to its customers from onboarding to the disbursal stage, he added.

Google India Vice President and Country Manager Sanjay Gupta said, "In joining hands with Sidbi, which has a deep understanding of the growing needs of this large and dispersed ecosystem, we are pleased to expand our support to these enterprises." Major focus under the program shall be on enterprises run by women entrepreneurs, with suitable interest rate concession also envisaged for such enterprises, the release said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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