CII sets up finance facilitation centre

To facilitate access to finance and credit for SMEs, the Confederation of Indian Industry (CII) on Monday set up an Online Finance Facilitation Centre for SMEs, with the aim of providing advisory and credit facilitation support to SMEs, according to a CII release. The centre will operate as a one-stop shop, aggregating financing options from various major financial institutions.

SME members across India can approach the centre for their credit requirements through an online interface, and the centre will facilitate the documentation and preparation of bankable project proposals.

Kalraj Mishra, Union minister for MSMEs, launched the centre, which will also conduct outreach programmes in partnership with the ministry of MSME and seven partner financial institutions across the country through CII's network of offices in states to create awareness among SMEs on the avenues for accessing finance.

The seven partner financial institutions - Indian Bank, Indian Overseas Bank, Federal Bank, Muthoot Fincorp Ltd, Religare Finvest, DCB Bank and State Bank of Travancore - are signing a memorandum of understanding with CII for this centre.

Other facilities offered by the centre include a facility for online training in finance management for SMEs, information about SME schemes of the government and financial institutions and peer to peer networking.