Gurugram, May 22 (KNN) State-owned Bank of Baroda (BoB) has launched its first integrated SME Loan Factory in order to meet the needs of MSME sector in the National Capital Region.

This integrated SME Loan Factory will function as a One Stop Shop' for MSME customers with competent staff and simplified processes, BoB said in a statement.

"It will provide end to end solutions viz. acquisition, processing, documentation, disbursement & relationship management etc," it said.

On day one itself, the Loan Factory approved 16 loans totalling Rs 189 crore and Rakesh Kumar Bhatia, General Manager Delhi zone distributed the sanction letters to the borrowers.

To further boost MSME sector, BoB has also decided to centralize Government Sponsored Schemes loan processing at district level.

Under the process, all the loans under PMMY (Pradhan Mantri Mudra Yojana), Stand-up India, PMEGP (Pradhan Mantri Employment Generation Programme), NULM (National Urban Livelihood Mission) and all other Government Schemes would be processed at a branch identified within that particular district, it said.