Patna, Feb 26 (KNN) In a significant move to invigorate the startup landscape in Bihar, the state government has joined hands with the Small Industries Development Bank of India (SIDBI), signing a Memorandum of Understanding (MoU).

This collaborative effort aims to foster a thriving environment for startups, envisioning Bihar as a burgeoning hub for entrepreneurial ventures.

According to officials, the partnership between the Bihar government and SIDBI marks a pivotal step towards nurturing the entrepreneurial spirit in the eastern state.

A press release from SIDBI highlights the key facets of this endeavour, stating, "The Bihar Startup Fund Trust (BSFT) and SIDBI entered into an MoU to administer the Rs 50-crore Bihar Startup Scale-up Financing Fund (BSSFF)."

This fund is poised to serve as a catalyst for startups, providing vital financial support essential for scaling their operations and realising their innovative visions.

The BSFT, established as the nodal agency by the Industries Department, spearheads the implementation of the Bihar Startup Policy.

As part of this policy framework, the state government has allocated an initial corpus of Rs 500 crore towards nurturing the startup ecosystem.

Out of this, the creation of the BSSFF with an initial corpus of Rs 50 crore underscores the commitment to offer robust funding mechanisms tailored to the unique needs of startups.

"The establishment of the Bihar Startup Scale-up Financing Fund underscores our unwavering dedication to fostering a conducive ecosystem for startups in the state," the release further elucidated.

This strategic partnership between the Bihar government and SIDBI signifies a synergistic approach towards empowering startups and propelling Bihar onto the national startup map.

By providing targeted financial assistance and institutional support, the initiative aims to unleash the full potential of entrepreneurial talent in Bihar, driving innovation, employment generation, and economic prosperity.

(KNN Bureau)