Gandhinagar, Feb 19 (KNN) To facilitate approval of loans to entrepreneurs in the Micro Small and Medium Enterprise (MSME), the Gujarat government on Tuesday signed a Memorandum of Understanding (MoU) with State Bank of India (SBI).

''The top public sector lender will provide working capital to entrepreneurs seeking to start new MSME within a short time -frame after providing theoretical approval within 15 days of making an application,'' the government said in a release here.

The MoU was signed between principal secretary M K Das and SBI Ahmedabad circle general manager Ramesh Kumar Agarwal.

The bank will provide theoretical approval to the project within 15 days of making an application. Start-ups can submit an application on either the MSME portal or to the local nodal agencies, it added.

''The SBI decided to help MSME entrepreneurs in Gujarat looking at their high recovery rate,'' the release read further.

Speaking at the MoU signing event, Chief Minister Vijay Rupani asserted that the number of applications for MSME loans has increased this year compared to a year ago.

''Even the experience of banks in terms of loan recovery has been very good,'' he said.

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