Small Industries Development Bank of India (SIDBI), has extended risk capital assistance of close to Rs 1,100 crore to 500 MSMEs. SIDBI, the financial institution for promotion and financing of MSMEs, has roped in to accelerate MSME growth by providing the assistance.
SIDBI contracted a line of credit of $500 million which includes $150 million for augmenting risk capital financing in general and start-up financing in particular. Wildcraft, Smaash Entertainment, Snow World, Force Fitness, and many more successful entities were included, said an official release.
“It is very active in supporting and promoting the entire start-up ecosystem for making it more healthy, robust and strong, which is very crucial in fueling India’s economic growth trajectory” said Kshatrapati Shivaji, Chied Managing Director of SIDBI.
“As a part of this exercise,SIDBI is also in the process of providing a collaborative engagement web-based platform which will not only provide single window availability of information but also enable digitised flow of information across all the stakeholders in the ecosystem” he added.