With an objective to provide advisory and credit facilitation support to SMEs and to facilitate access to finance and credit for SMEs, CII has established “Online Finance Facilitation Centre for SMEs”. This Centre will operate as a one-stop-shop, aggregating financing options from various major financial institutions. This Centre will match SME financing demands with Banks and Financial Institutions, and also project large finance requirement across financial institutions. SME Members across India can easily approach this Centre through an online interface for their credit requirement and the Centre will facilitate the SMEs with documentation and preparation of bankable project proposals. On the other hand, the exact KYCs will help Banks / FIs to render quick delivery.
Kalraj Mishra, Minister for MSMEs, Government of India has launched this centre in the presence of Madhav Lal, Secretary, Ministry of MSME, Government of India. The Centre will also conduct outreach programmes in partnership with the Ministry of MSME and the partnering Financial Institutions across the country through the CII Network of Offices in States and Zones to create awareness among SMEs on the avenues for accessing finance.
“Today, as our country looks forward to a new phase of economic modernization, industrialization and growth under the leadership of Hon. Prime Minister Narendra Modi, the Indian MSME sector is capable of growing at a healthy double digit rate, providing the necessary impetus for our national GDP to achieve high single digit growth in the next 2 years,” said Mr Chandrajit Banerjee, Director General, CII.
Following banks are signing an MoU with CII for this Centre:
1) Indian Bank
2) Indian Overseas Bank
3) Federal Bank
4) Muthoot Fincorp Ltd
5) Religare Finvest
6) DCB Bank
7) EXIM Bank
8) State Bank of Travancore
Other facilities offered by the FFC include:
(a) Facility for Online Training on Finance Management for SMEs
(b) Information about SME Schemes of the Govnerment and Financial Institutions
(c) Access to Exports and Peer to Peer networking