BHUBANESWAR, NOV 16, 2023
Small Industries Development Bank of India (SIDBI), the country’s principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs), has entered into an agreement with the Technology Development Board (TDB) with an aim to ease access of credit to MSMEs which are attempting development and commercial application of indigenous technology or adapting imported technology for wider domestic applications.
A Memorandum of Understanding (MoU) in this regard was executed by SIDBI Chief General Manager Rahul Priyadarshi and TDB Director Rajesh Jain.
This MoU is an arrangement for a joint initiative by TDB and SIDBI, to extend financial assistance to eligible MSMEs as per the terms & conditions of TDB and SIDBI.
As regards the arrangement with TDB, Rahul Priyadarshi said, “SIDBI’s emphasis is on strengthening the MSME eco-system and realizing GoI’s ideology of “Make In India” and making India “Self-reliant”. This arrangement by SIDBI and TDB will support MSMEs with respective core competencies / expertise, with the common vision of financing MSMEs in India.”