Small Industries Development Bank of India (SIDBI) has entered into a collaboration with Google India Pvt Ltd (GIPL) for piloting a social impact lending programme with financial assistance up to Rs 1 crore at subsidized interest rates. The one-of-a-kind programme by SIDBI is launched as a crisis response related to Covid-19 to reinvigorate the MSME sector in India.
Under the partnership
- The collaboration brings a corpus of $15 million (about Rs. 110 crores) to micro-enterprises as a crisis response related to Covid-19 for reinvigoration.
- MSMEs having turnover up to 5 crores will get the loan ranging between 25 lakh to 1 crore which is being implemented by SIDBI.
- Loans will be disbursed by SIDBI. The programme is completely paperless from onboarding to the disbursal stage.
- A business owned by Women and businesses engaged in the production of Covid-19 combating equipment will be prioritised, with suitable interest rate concession.
Important takeaways for all competitive exams:
- SIDBI Founded: 2 April 1990;
- SIDBI Headquarters: Lucknow, Uttar Pradesh;
- SIDBI CMD: Sivasubramanian Ramann.