The Gujarat government signed an MoU with State Bank of India (SBI) to facilitate approval of loans to entrepreneurs in the MSME sector with ease and within a short time-frame. Within 15 days of making an application, the bank will provide theoretical approval to the project. Start-ups can submit an application on either the MSME portal or to the local nodal agencies.
The SBI decided to help MSME entrepreneurs in Gujarat looking at their high recovery rate. The Gujarat state announced that MSME units exempted from taking approvals for the first three years can start operations after getting an acknowledgement certificate from the state nodal agency by submitting ‘declaration of intent.
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