Small Industries Development Bank of India (Sidbi) has partnered with Google India Pvt. Ltd (GIPL). This is for piloting a social impact lending programme with the financial help of up to Rs 1 crore.
Boost for MSMEs
There will be a competitive interest rate for MSMEs. This brings a corpus of $15 million to MSMEs as a crisis response related to COVID.
This partnership with GIPL brings a corpus of $15 million (around Rs 110 crore) to micro, small and medium enterprises (MSMEs) as a crisis response related to Covid-19, Sidbi said in a release.
The loan programme targeted at micro enterprises (having turnover up to Rs 5 crore), with loan sizes ranging between Rs 25 lakh to Rs 1 crore, is being implemented by Sidbi, the release said.
Help for women entrepreneurs
The major focus under the programme will be enterprises run by women entrepreneurs. Suitable interest rate concession will also be envisaged for enterprises run by women.
