SIDBI steps-up measures to address COVID-induced challenges of MSMEs

·2-min read

New Delhi, Jul 2 (PTI) SIDBI on Friday said it has entered into a memorandum of understanding (MoU) with Global Alliance for Mass Entrepreneurship to help MSMEs address COVID-19-induced challenges.

Under this, it will expand credit access, enhance formalisation, build competitive clusters and improve the legal framework for ease of doing business for the micro, small and medium enterprises (MSMEs).

This is part of SIDBI's host of developmental measures rolled out to commemorate the World MSME day on June 27 as a Developmental Week, the lender said in a release on Friday.

Among others, it has set up a Swavalamban chair in Government Engineering College, Thrissur, done profiling of 11 states for entrepreneurial opportunities and felicitated COVID-19 responsive entities and associations.

'Our role is to empower entrepreneurs and encourage entrepreneurship during these challenging times. Keeping this in mind, through the various initiatives, we are planning to support the enterprise development cycle comprising ideation, setting up, revive and thrive as also stepping up,' Sivasubramanian Ramann, Chairman and Managing Director of SIDBI said.

He said the lender seeks to create a society with more job creators rather than job seekers with the help of the host of measures it has initiated.

SIDBI said it will identify entrepreneurial opportunities for the migrant population impacted by COVID. Under this, rapid profiling in 11 states -- Uttarakhand, Delhi, Haryana, Rajasthan, Uttar Pradesh, Assam, Gujarat, Maharashtra, Karnataka, Andhra Pradesh, and Tamil Nadu has been carried out.

Project Management Units have been set up in these states based on the recommendations of the UK Sinha Committee on MSMEs, it said.

The inputs are expected to facilitate decisions on entrepreneurial ventures at local/regional levels.

Small Industries Development Bank of India (SIDBI) is the main financial institution engaged in the promotion, financing and development of MSMEs. PTI KPM BAL

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting