SIDBI, BoB Sign MoU To Expand Financing And Working Capital Access For MSMEs

New Delhi, Nov 19 (KNN) The Small Industries Development Bank of India (SIDBI) and Bank of Baroda (BoB) have signed a Memorandum of Understanding (MoU) to enhance credit flow and strengthen financial support for MSMEs and startups across the country. 

Under the partnership, the institutions will collaborate across multiple areas including joint financing for MSMEs by integrating SIDBI’s specialised sector expertise with BoB’s wide branch network. 

“This partnership brings together SIDBI’s developmental expertise and Bank of Baroda’s extensive national and global reach to enhance joint financing, enable seamless digital working capital access, strengthen startup support, and expand global opportunities for MSMEs.” BOB tweeted.

Secretary, Department of Financial Services, M. Nagaraju said the partnership brings together the strengths of a specialised MSME institution and a major commercial bank to build a stronger credit ecosystem for both traditional and new age enterprises.

SIDBI CMD Manoj Mittal said the MoU will enhance efforts to provide venture debt, digital credit and integrated working capital support to MSMEs and startups. 

BoB Executive Director Lalit Tyagi added that the collaboration will strengthen digital credit enablement and expand specialised solutions for emerging businesses.

The bank’s leadership also noted that the partnership would help enterprises tap export opportunities through the bank’s international presence.

The cooperation is expected to improve access to timely, affordable capital for MSMEs and startups, helping them scale operations and integrate into global value chains.
(KNN Bureau)