ENA MSME 2024-01-11 14:30:48 <p><span style="font-size:14px"><strong>New Delhi, Jan 11 (KNN)</strong> The State Bank of India has launched a specialised financial product named Svyam Siddha, designed exclusively for women entrepreneurs in Self-Help Groups (SHGs) who are seeking loans up to Rs 5 lakhs.</span></p> <p><span style="font-size:14px">Charanjit Singh, Additional Secretary of Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) and Shantanu Pendsey, Chief General Manager at the State Bank of India Corporate office in Mumbai, signed a Memorandum of Understanding (MoU) to streamline enterprise financing for rural women entrepreneurs.</span></p> <p><span style="font-size:14px">This initiative is uniquely designed to alleviate the challenges associated with extensive documentation requirements for bank loan applications and reduce the Turn Around Time (TAT).</span></p> <p><span style="font-size:14px">The need for documents such as quotations and Detailed Project Reports (DPRs) has been eliminated, simplifying the application process.</span></p> <p><span style="font-size:14px">Now, individuals can submit a straightforward loan application with KYC details at their local SBI bank branches.</span></p> <p><span style="font-size:14px">DAY-NRLM will facilitate the loan application process and oversee loan repayment through its dedicated field cadre.</span></p> <p><span style="font-size:14px">During the same event, a training toolkit package was unveiled, aimed at fostering access to formal finance for women entrepreneurs in Self-Help Groups (SHGs).</span></p> <p><span style="font-size:14px">This initiative represents a noteworthy achievement in DAY-NRLM's dedication to empowering communities and promoting financial inclusion at the grassroots level.</span></p> <p><span style="font-size:14px">The toolkit comprehensively addresses essential subjects such as banking fundamentals, financial statement concepts, and working capital calculation.</span></p> <p><span style="font-size:14px">Additionally, key modules from the toolkit have been transformed into animated videos, enabling entrepreneurs to engage in self-capacity building.</span></p> <p><span style="font-size:14px">This will facilitate access to formal finance for its SHGs women entrepreneurs.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36239 https://knnindia.co.in/news/newsdetails/msme/sbis-svyam-siddha-empowers-women-entrepreneurs-in-shgs-with-simplified-loans 2024-01-11 14:30:48 knnindia.co.in