Sidbi on Thursday announced it has begun into a partnership with Google India Pvt Ltd (GIPL) for conducting a social impact loan program with financial support up to Rs 1 crore at competitive interest rates to MSMEs.
Small Industries Development Bank of India (Sidbi) Thursday stated it has begun a partnership with Google India Pvt Ltd (GIPL) to lead 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 associated to COVID-19, Sidbi stated in a release.
Under it, a credit program targeted at micro-enterprises (having turnover up to Rs 5 crore), with loan volumes ranging between Rs 25 lakh to Rs 1 crore, is being executed by Sidbi, the release said.
We look to this collaboration to enhance our efforts in developing the sector’s access to credit and are very excited to see the constructive impact that we can achieve together? Sidbi’s Chairman and Managing Director Sivasubramanian Ramann said in the statement.
He added that this also marks Sidbi’s launch of a paperless journey to its customers from onboarding to the disbursal stage.
Google India Vice President and Country Manager Sanjay Gupta said, In joining hands with Sidbi, which has a deep understanding of the growth needs of this large and dispersed ecosystem, we are pleased to expand our support to these enterprises.
The release said that the primary focus under the program shall be on enterprises run by women entrepreneurs, with suitable interest rate concession also envisaged for such enterprises.