SIDBI signs MoU with MCCIA to facilitate loans upto Rs 50 lk to member MSMEs

Pune, Feb 15 (KNN) The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with the Mahratta Chambers of Commerce, Industries and Agriculture (MCCIA) under which it will facilitate loans up to Rs 50 lakh to member micro, small and medium enterprises (MSMEs) without any turnover restrictions.

The MoU aims to provide cash starved MSMEs in Pune region that are members of the MCCIA.

According to SIDBI's annual report, only about 7.3% of the over 5.1 crore MSMEs in the country avail loans.

SIDBI said there will be no turnover restrictions on the MSMEs for these loans, but only those enterprises will qualify for loans, which have posted profit in the last two years continuously and have been in existence for at least three years.