Small Industries Development Bank of India :SIDBI
Small Industries Development Bank of India (SIDBI)
The Small Industries Development Bank of India (SIDBI) is an independent financial organization that helps MSMEs, which are important to the national economy in terms of exports, production, and job creation, grow and develop.
In order to address the financial and developmental gaps in the MSMEs ecosystem, SIDBI was founded with the goals of facilitating and strengthening the flow of credit to micro, small, and medium enterprises. It was established as a statutory body in 1990 by an act of the Indian Parliament.
Function of SIDBI:
- It aims to be a one-stop shop for MSMEs' financial and development needs. This will protect the institution's reputation as a customer-friendly financial institution while improving MSMEs' global competitiveness, strength, and vitality.
- It contributes to the growth and promotion of the MSME industry.
It is the main organization in charge of growing, promoting, and funding the MSME sector, as well as coordinating the work of other organizations doing similar things.
- The Banker ranked the top 30 development banks in the world, and SIDBI stayed in the top 30.
SIDBI also serves as a nodal or implementing agency for a number of Government of India ministries, including the Ministries of MSME, Textiles, Commerce, and Industry, and Food Processing and Industry.
- SIDBI provides funding to MSMEs.
SIDBI assists MSMEs financially in the following ways:
- By refinancing banks and other financial institutions, SIDBI is indirectly financing to MSMEs.
- Direct financing through programs like financing for the service sector, financing for receivables, risk capital, sustainable financing, etc.
- In addition to providing financial support, SIDBI puts a lot of emphasis on the "credit plus approach," which helps with technology modernization and improvement, cluster development, enterprise development, skill improvement, and marketing initiatives.
Products Offered by SIBDI
SIDBI Make in India Soft Loan Fund For Micro Small and Medium Enterprises (SMILE)
SMILE Equipment Finance (SEF)
Loans under partnership with OEM
SIDBI – Loan For Purchase of Equipment For Enterprise's Development (SPEED)
SIDBI - Loan For Purchase of Equipment For Enterprise's Development PLUS (SPEED PLUS)
Top up Loan For Immediate Purposes (TULIP)
SIDBI Term-loan Assistance For Rooftop Solar PV Plants (STAR)
SIDBI ASSISTANCE TO HEALTHCARE SECTOR IN WAR AGAINST SECOND WAVE OF COVID19(SHWAS)
SIDBI ASSISTANCE TO MSMES FOR RECOVERY & ORGANIC GROWTH DURING COVID19 PANDEMIC(AROG)
TIMELY WORKING CAPITAL ASSISTANCE TO REVITALISE INDUSTRIES IN TIMES OF CORONA CRISIS (TWARIT
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