SIDBI signs MoU with MADITSSIA to facilitate finance to MSMEs

Madurai, Aug 3 (KNN) In a bid to meet the financial needs of Micro Small and Medium Enterprises (MSMEs), Small Industries Development Bank of India (SIDBI) signed a Memorandum  of Understanding (MoU) with Madurai District Tiny and Small Scale Industries Association (MADITSSIA).

Speaking on the occasion, Chitra Kartik Alai, General Manager of SIDBI, Chennai, said their focus was to meet the financial needs of MSMEs after understanding their problems.

“We hope this MoU benefits at least 50 industries in the next one year,” she added.

Through the MoU, which is mutually beneficial, over 1,500 members affiliated to MADITSSIA can avail loans under various schemes.

Under the SMILES Fund (Small and Medium Enterprise Soft Loans Scheme), a soft loan could be availed up to Rs 75 lakh. It also provides collateral-free loans to businesses up to Rs 2 crore under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).

Commenting on this, President of MADITSSIA, said the MoU would strengthen the relationship between the two organizations and help in the development of MSMEs.

He asserted “We will also have weekly meetings to help industries practice financial discipline.”  (KNN/LM)