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Small Industries and Development Bank of India (SIDBI) mainly focuses on the financing, promotion and development of the Micro, Small and Medium Enterprises (MSMEs). Established in 1990, SIDBI’s primary objective is to strengthen the MSME sector by facilitating cash flow. The bank assists MSMEs to get funds for the development, commercialization and marketing of their innovative technologies and products. SIDBI offers customized financial products under several loan schemes and provides services to meet the demands of various business projects.
SIDBI majorly follows four major objectives which are development, promotion, coordination and financing. Some of its key functions incudes:
People aspiring to become small entrepreneurs have a place to visit at the ongoing Kumbh Mela in Prayagraj. Thanks to the Small Industries Development Bank of India (SIDBI).
To encourage entrepreneurship amongst the youth, SIDBI has set up a stall with “Swavalamban” as the key theme at the ongoing Kumbh in Prayagraj.
Headquartered in Lucknow, SIDBI’s focus is lending to the Micro and Small Enterprises (MSEs). At its Kumbh stall, the bank has used – “Aaayiye Ganga Nahaaiye Aur Udyami Banker Jaayiye” (take a dip in Ganga and become entrepreneur) – as the tagline of this stall.
Through the stall, the bank is trying to create awareness about Pradhan Mantri Mudra Yojana, Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and several other schemes.
“Keeping SIDBI Vision 2.0 in mind, we are taking these initiatives to encourage people to venture into entrepreneurship. We believe in a country like India there are vast opportunities to be tapped,” said Mohammad Mustafa, Chairman and Managing Director, SIDBI. “However, directing prospective entrepreneurs to the right avenues is the key and we hope to bridge that gap.”
In the release, SIDBI also said it has reoriented its thrust to MSEs and is doing what is required to make them feel empowered. To infuse entrepreneurship culture, SIDBI has been bringing out the ‘Swavalamban’ print series and three issues have already been published so far. Through this initiative, more than 3,000 respondents have been provided with handholding support in their entrepreneurial journey, the institution said.
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