Small Industries Development Bank of India (SIDBI) has entered into a partnership with Google India Pvt Ltd (GIPL) for a pilot social impact lending program with the financial assistance of up to Rs 10 million at subsidized interest rates targeted at micro-enterprises.The partnership brings a corpus of $15 million (approximately Rs 1.10 billion) to micro-enterprises as a crisis response related to Covid-19 to reinvigorate the MSME sector in India. The partnership envisages a loan program targeted at micro-enterprises (having turnover up to Rs 50 million), with loan sizes ranging from Rs 2.5 million to Rs 10 million, being implemented by SIDBI. The major focus under the program shall be on enterprises run by women entrepreneurs.
Sivasubramanian Ramann, IA&AS, Chairman and Managing Director of SIDBI said, “We have launched various programs for an emergency response to the sudden advent of Covid such as SAFE, SAFE plus scheme, AROG, and SHWAS. This also marks SIDBI’s launch of a paperless journey to its customers from onboarding to the disbursal stage.”
Sanjay Gupta, Vice President and Country Manager, Google India, said, “We have a commitment to enable India’s small businesses in leveraging the opportunity provided by digital so that they scale, innovate and reach new customers through a range of tools, services, and products that are specially designed for them.”
