Small Industries Development Bank of India (SIDBI), the country’s Principal Financial Institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSME), has entered into a Memorandum of Understanding (MoU) with the Technology Development Board (TDB) with an aim to ease access of credit to MSMEs which are attempting development and commercial application of indigenous technology or adapting imported technology for wider domestic applications.
The MoU was executed by Shri Rahul Priyadarshi, Chief General Manager, SIDBI and Shri Rajesh Jain, Director, TDB, in the presence of Shri Rajesh Kumar Pathak, Secretary, TDB.
This MoU is an arrangement for a joint initiative by TDB and SIDBI, to extend financial assistance to eligible MSMEs as per the terms & conditions of TDB & SIDBI. As regards the arrangement with TDB, Shri Rahul Priyadarshi, Chief General Manager, SIDBI said, “SIDBI’s emphasis is on strengthening the MSME eco-system and realizing GoI’s ideology of “Make In India” and making India “Self-reliant”. This arrangement by SIDBI and TDB will support MSMEs with respective core-competencies / expertise, with the common vision of financing MSMEs in India.”
About Small Industries Development Bank of India (SIDBI):
SIDBI set up on 2nd April 1990 under an Act of the Indian Parliament, is the Principal Financial Institution for the Promotion, Financing and Development of the MSME sector. SIDBI has been playing a significant role in developing the financial services for the MSME sector through various interventions including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, Contribution to Venture
capital/AIF funds, MSME ratings, promoting digital lending ecosystem, etc.
The Bank has proactively been working towards Energy Efficiency (EE) in MSMEs since 2005- 06 using the support of multilateral institutions like the World Bank, ADB, GiZ, FCDO, JICA, AFD, KfW etc. for energy efficient projects. Furthermore, SIDBI has been touching the lives of citizens across various strata of society through its integrated,
innovative, and inclusive approach. Be it traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, to high-end knowledge-based entrepreneurs, SIDBI has directly or indirectly impacted the lives of Micro and Small Enterprises (MSEs) through various credit and developmental measures.
To know more, check out: https://www.sidbi.in
About Technology Development Board:-
TDB has been set up to promote technology development and in furtherance of said objective, it provides commercial assistance through investment in the equity or grant of loans to industrial concerns and other agencies, for the development and commercial application of indigenous technology and/ or for adapting imported technology for wider domestic applications. TDB provides financial assistance to industrial concerns and other agencies by financing the project for the development and commercial application of indigenous technology and/ or for adapting imported technology for wider domestic applications.
To know more, check out: http://www.tdb.gov.in
Disclaimer: This is an official press release by SIDBI.