Bihar govt, SIDBI to collaborate on enhancing startup ecosystem

The Bihar government and the Small Industries Development Bank of India (SIDBI) have signed an MoU in a bid to boost the startup ecosystem in the eastern state, officials said.

The initiative is aimed at creating a conducive environment for startups and transforming Bihar into a startup hub, a SIDBI release said.

''The Bihar Startup Fund Trust (BSFT) and SIDBI entered into an MoU to administer the Rs 50-crore Bihar Startup Scale-up Financing Fund’ (BSSFF),” it said.

The BSFT is the nodal agency constituted by the Industries Department for implementation of the Bihar Startup Policy.

“Under the policy, the state government has set up the BSFT with an initial corpus of Rs 500 crore. Out of this, BSSFF has been established with an initial corpus of Rs 50 crore for scale-up funding support to startups,” the release said.