Google India Pvt Ltd GIPL brings a corpus of $15 million (approx Rs 110 crore) to micro enterprises as a crisis response related to Covid-19 to reinvigorate the MSME sector in India, Sidbi said in a statement.
The partnership envisages a loan programme targeted at micro enterprises (having turnover up to Rs five crore), with loan sizes ranging between Rs. 25 lakh to Rs. 1 crore.
Major focus under the programme shall be on enterprises run by women entrepreneurs, with suitable interest rate concession also envisaged for such enterprises.
Sanjay Gupta, Vice President & Country Manager, Google India said right at the outset of COVID-19, it had started a series of efforts that responded to the fact that these businesses have been disproportionately impacted by the pandemic.
Sivasubramanian Ramann, IA&AS, Chairman and Managing Director of Sidbi said, the institution started various programs for an emergency response to the sudden advent of COVID19 such as SAFE, SAFE plus scheme, AROG, and SHWAS. This partnership also marks Sidbi’s launch of a paperless journey to its customers from on-boarding to the disbursal stage.
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