SIDBI to assist MSMEs set up units in UP Defence Industrial Corridor

Lucknow, June 8 (KNN) Small Industries Development Bank of India (SIDBI) has signed a MoU with Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) and will provide direct funding to MSMEs and help them set up units in the Uttar Pradesh Defence Industrial Corridor (UPDIC).

The agreement was signed by Prakash Kumar, Chief GM, SIDBI on Tuesday.

Through this pact, MSMEs establishing or having units in Uttar Pradesh Defence Industrial Corridor (UPDIC) and other industrial areas developed by UPEIDA will be consider for funding and financial assistance by SIDBI.

Emphasising on SIDB’s aim to strengthen the MSME ecosystem,  Rao said, “This arrangement will support MSMEs setting up industrial units in the State of Uttar Pradesh by meeting their credit needs as well as addressing credit-plus requirements, viz, knowledge inputs through dedicated web-portal, literature, events/webinars etc.”

Some of the important areas market in the arrangement include, when any allotment letter(s) for industrial land are issued by UPEIDA, it shall provide details of allottees to SIDBI.

The bank will contact the allottees for their financial needs. On receipt of the duly filled in application, SIDBI will process the same as per guidelines.

Developing a strong foundation for MSMEs in the state which would attract investment from allottees and accelerate implementation of their projects is also the focus of area.

Both the parties shall extend mutual co-operation for various other initiatives being undertaken for the benefit of MSMEs in UPDIC and other industrial areas developed by UPEIDA.

It will include, holding/ participating in outreach events, seminars and webinars for creating awareness among MSMEs about various financial products and initiatives being undertaken by SIDBI, including a dedicated web-portal (defence.sidbi.in), knowledge series for MSMEs in A&D sector, etc.  (KNN Bureau)