In the presence of Vijay Sampla, chairman of the National Commission for Scheduled Castes, the Small Industries Development Bank of India (SIDBI) on Wednesday launched a new debt lending scheme for entrepreneurs from the SC and ST communities.
Sivasubramanian Ramann, chairman and managing director of SIDBI, officially launched the ‘Saath’ scheme by giving sanction letters to five recipients for micro enterprises. Speaking on the occasion, he claimed that MSMEs were the foundation of the Indian economy and made a significant contribution to GDP. Through its direct lending business as well as its partnerships with other financial and digital institutions, SIDBI is actively working to promote the expansion and development of MSMEs, he continued. According to him, the new scheme was created to give SC/ST entrepreneurs more opportunities for financial success. The COVID pandemic, he claimed, had a negative impact on businesses, but he added that by utilising the ‘Saath’ scheme, people could resurrect their prospects.
Sampla expressed his gratitude to SIDBI for concentrating particularly on MSMEs based in Hoshiarpur and Phagwara, his core electoral area, and claimed that the new scheme would inspire SC entrepreneurs nationwide. He claimed that MSMEs and start-ups would aid in job creation and accelerate India’s economic growth.
Balbir Singh, the regional manager, said the loan could be obtained on fairly lenient terms for the construction of new units or the expansion of existing ones. He stated that the borrower could receive loans ranging from Rs 25 lakh to Rs 3 crore with repayment requirements of seven years. Priority would be given to SC/ST entrepreneurs who have already received funding through the government of India’s ‘Stand-up India’ scheme.
Post Your Comments