SIDBI and Technology Development Board collaborate to boost MSMEs with enhanced access to credit for tech innovation
In this MoU, TDB and SIDBI establish a credit alliance, allowing them to refer additional funding needs of previously supported companies to each other
Parul November 18, 2023
MORE IN News
In a pivotal move to fortify the Micro, Small, and Medium Enterprise (MSME) sector in India, the Technology Development Board (TDB) and the Small Industries Development Bank of India (SIDBI) have inked a Memorandum of Understanding (MoU). This strategic alliance aims to streamline access to credit for enterprises involved in indigenous or imported technology development and application.
In this MoU, TDB and SIDBI establish a credit alliance, allowing them to refer additional funding needs of previously supported companies to each other. The collaboration includes dedicated key contacts to facilitate smooth coordination and seamless referral exchange. Both organisations commit to providing financial support to eligible MSMEs, adhering to their respective policy guidelines.
Beyond financial support, the collaboration encompasses joint outreach and marketing activities to promote the initiative and expand its reach. The specific scope of these activities will be mutually agreed upon during the implementation of the MoU’s outlined terms.
This partnership exemplifies the shared commitment of TDB and SIDBI to bolster MSMEs in their pursuit of technological advancements for societal betterment. The collaboration is poised to stimulate increased innovation, job creation, and comprehensive economic development within the MSME sector.
Rajesh Kumar Pathak, Secretary of TDB, expressed optimism about the collaboration, stating, “This partnership with SIDBI represents a significant milestone in our mission to promote technology development. By leveraging our strengths, we aim to create an enabling environment for innovative MSMEs, fostering entrepreneurship and driving economic growth.”