Bank of Baroda has set a target to sanction Rs 3,095 crore to small and medium enterprises (SMEs) in Gujarat by March 2010 through its six SME loan factories.
The bank has restructured over 4,000 accounts for SMEs so far, according to SK Das, general manager-Gujarat operations, Bank of Baroda.
Besides, it has already sanctioned Rs 497 crore till June 2009 through the six SME loan factories in Ahmedabad, Vadodara, Surat, Rajkot, Jamnagar and Bulsar.
“The bank has targeted to achieve Rs 4,25,000 crore business during 2009-10, wherein the contribution of Gujarat will be Rs 61,000 crore,” said Das.
The total finance to SMEs till June this year stood at Rs 3,373 crore in the state.
BoB has set up three retail loan factories in Ahmedabad, Vadodara and Surat. It has targeted to sanction Rs 666 crore by March 2010 through these factories. Of this, it has sanctioned Rs 148 crore till June.
The bank is planning to add 25 more branches in the state by September this year, taking the total to 698.
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