Being responsive to national resolve, Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro and Small Enterprises (MSEs), has committed Rs. 15 crore to PM CARES Fund. The fund has been created by our Hon’ble Prime Minister Shri Narendra Modi to fight the novel coronavirus.
This small step comes after launching of S A F E (SIDBI Assistance to Facilitate Emergency response against corona virus) loans scheme @ 5% in 48 hours. Under SAFE, SIDBI extends direct financing to any Micro and Small Enterprises who are manufacturing any products or providing any services related to fighting coronavirus, such as permitted drugs, hand sanitisers, masks, body suits, overalls, gloves, shoes covers, ventilators, testing labs, etc.
Shri Mohammad Mustafa, IAS, Chairman and Managing Director of SIDBI said, “Our Hon’ble Prime Minister has taken proactive measures to break the chain of the COVID-19infection. We shall make all efforts to remain proactively responsive, all along.”
As a Development Financial Institution, SIDBI has been impacting the lives of citizens across various strata of the society through its integrated, innovative and inclusive approach. Be it traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, to high-end knowledge-based entrepreneurs, SIDBI has directly or indirectly touched the lives of Micro and Small Enterprises (MSEs) through various credit and developmental engagements.