SIDBI and Google tie up to support MSMEs

SIDBI and Google tie up to support MSMEs

Small Industries Development Bank of India (SIDBI) has collaborated with Google India Private Limited (GIPL) To launch social impact loan program with financial assistance of up to Rs 1 crore at subsidized interest rates. A unique program of its kind has been launched by SIDBI as a crisis response related to COVID-19 To re-strengthen the MSME sector in India.

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under partnership

  • brings cooperation a fund of $15 million (about Rs 110 crore) As a response to the crisis related to COVID-19 for the revival of micro enterprises.
  • MSMEs whose turnover is . Till then 50 million get a loan between 25 lakh to 1 crore Which is being implemented by SIDBI.
  • The loan will be disbursed by SIDBI. The program is completely paperless from the onboarding to the delivery stage.
  • Women-owned businesses and businesses engaged in the production of equipment to fight COVID-19 will be given priority with suitable interest rate concession.

Important facts for all competitive exams:

  • SIDBI Established: 2nd April 1990;
  • SIDBI Headquarters: Lucknow, Uttar Pradesh;
  • SIDBI CMD: Sivasubramanian Ramann.

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