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SIDBI partners with Google to launch a social impact lending program for MSME

India’s Small and Medium Enterprise Development Bank (SIDBI), a leading financial institution engaged in promoting, financing and developing micro enterprises (MSMEs), is working with Google to implement a social impact lending program with financial support. Did. Competitive interest rates for micro enterprises up to 100 rupees.

This unique program with Google will bring a US $ 15 million corpus to micro enterprises as a response to the COVID-19 crisis to revitalize India’s MSME sector. This collaboration envisions a lending program for micro enterprises (sales up to Rs 500 million), with lending amounts ranging from Rs to Rs. 250,000 rupees and rupees. One role implemented by SIDBI. The main focus under the program is on companies run by female entrepreneurs, who are also expected to make appropriate interest rate concessions.

Shri Sivasubramanian Ramann, IA & AS, Chairman and Managing Director of SIDBI, said: To ensure sustainable growth of the sector, we have launched various programs to urgently respond to the sudden emergence of COVID-19 such as SAFE, SAFE plus scheme, AROG, SHWAS. Today, we are proud to support SIDBI’s efforts in the revival of the sector. This unique program will bring a corpus of Rs 11 billion to SMEs and provide a crisis response related to COVID-19 to revitalize India’s MSME sector. This also marks the start of a paperless journey for customers from onboarding to the payment stage. We look forward to this collaboration with the new hope of achieving a complete and significant economic recovery. o We are eager to step up our efforts to increase access to the sector’s credit and have a constructive impact that we can achieve together. “

Shri Sanjay Gupta, Vice President and Country Manager at Google India, said of the collaboration: From the very beginning of COVID-19, we have launched a series of efforts to address the fact that these businesses are overly affected by the pandemic. With a deep understanding of the growth needs of this large and decentralized ecosystem, SIDBI is pleased to expand its support for these companies. “

About SIDBI:

Since its founding in 1990, SIDBI has influenced the lives of citizens across different levels of society through an integrated, innovative and comprehensive approach. Whether traditional domestic small entrepreneurs, bottom-level entrepreneurs, or high-end knowledge-based entrepreneurs, SIDBI goes directly to the lives of small and small businesses (MSEs) through a variety of credit and development activities. Or I have touched it indirectly. SIDBI 2.0 has a comprehensive, innovative and impact-oriented vision of engagement.

About Google:

Google’s mission is to organize information around the world and make it accessible and usable by people around the world. Through products and platforms such as Search, Maps, Gmail, Android, Google Play, Chrome, YouTube. Google plays an important role in the daily lives of billions of people, making it one of the most widely known companies in the world. Google is a subsidiary of Alphabet Inc.

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SIDBI partners with Google to launch a social impact lending program for MSME

Source link SIDBI partners with Google to launch a social impact lending program for MSME

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