Monday, February 20, 2017

#SIDBI & @VijayaBankIndia to offer loans to #MSMEs at concessional rate

Speaking on the occasion, Dr. Kishore Sansi, the MD& CEO of Vijaya Bank said that the Bank has taken several steps in the last year to proactively finance new entrepreneurs under Government of India’s new initiatives for MSMEs such as ‘Make in India’ and ‘Stand Up India’. The partnership with SIDBI would further improve the financing to MSMEs. This year alone, nearly 500 new entrepreneurs are financed by Vijaya Bank to set up Greenfield projects under ‘Stand Up India’ scheme. Further, the Bank has financed in excess of Rs.1250 crore this year alone under ‘Prime Minister’s Mudra Yojna (PMMY) scheme’.

Shri Manoj Mittal, Deputy Managing Director, SIDBI, while speaking on the occasion outlined the various initiatives taken in the recent past by SIDBI for enhancing credit flow to MSE Sector viz., Stand Up India Portal for providing an online market place for accessing finance and handholding support to SC/ST and Women entrepreneurs for setting up Greenfield projects with loan requirement from Rs.10 lakh to Rs.100 lakh, provide quasi-equity /equity to startup ventures under Fund of Fund operations, setting up of National Credit Guarantee Trustee Company (NCGTC) for guaranteeing loans in sectors such as skill development, education, MUDRA, factoring, etc. thereby boosting institutional credit flow to these sectors.