Mumbai: Small Industries Development Bank of India (SIDBI) has partnered with Google to help MSMEs financially. Under a social impact lending programme, SIDBI will offer financial assistance up to Rs 100 lakh at competitive interest rates to micro-enterprises.
For this programme, Google has put a $15 million corpus ( approx, Rs 110 crore) for micro-enterprises as a crisis response related to COVID-19 to reinvigorate the MSME sector in India.
This lending programme targeted at micro-enterprises (having turnover up to Rs. 5 crore), provides loans between Rs. 25 lakh to Rs. 1 crore through SIDBI. Women entrepreneurs who run micro-enterprises will get loans at a suitable interest rate with concession.
“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,” said Sivasubramanian Ramann, IA & AS, Chairman and MD SIDBI.
“This one-of-a-kind program brings a corpus of Rs. 110 crore to small businesses and crisis response related to COVID-19 to reinvigorate the MSME sector in India,” added Ramann.
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,” added Ramann.
“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,” said Sanjay Gupta, VP and Country Manager, Google India.