SIDBI launches new debt lending scheme for SC, ST entrepreneurs in Hoshiarpur

The Small Industries Development Bank of India , on Wednesday, launched a new debt lending scheme for the scheduled caste and scheduled tribe entrepreneurs at an event in the city in the presence of National Commission for Scheduled Castes chairman Vijay Sampla.

The Small Industries Development Bank of India (SIDBI), on Wednesday, launched a new debt lending scheme for the scheduled caste (SC) and scheduled tribe (ST) entrepreneurs at an event in the city in the presence of National Commission for Scheduled Castes chairman Vijay Sampla.

The borrower could take loan from ₹25 lakh to ₹3 crore which would have to be returned within seven years. (Representational Photo)

SIDBI chairman and managing director Sivasubramanian Ramann, formally initiated the scheme “Saath” by providing sanction letters to five beneficiaries for micro enterprises. Speaking on the occasion, he said that micro, small and medium enterprises (MSMEs) were the backbone of Indian economy and their contribution to the GDP was immense. SIDBI was engaged in promoting the growth and development of MSMEs through its direct lending business as well as its collaborations with other financial and digital institutions, he added. He said the new scheme was aimed at helping SC/ST entrepreneurs augment their chances of financial growth. He said the COVID pandemic badly affected the businesses but using the ‘Saath’ scheme, people could revive their prospects, he added.

Thanking SIDBI for specially focusing on MSMEs based out of Hoshiarpur and Phagwara, his core constituency, Sampla said that the new scheme would drive the aspirations of the SC entrepreneurs across the country. He said the MSMEs and start ups would help create jobs and help India grow at a faster pace.

Regional head Balbir Singh said the loan could be availed at relatively easy terms for establishment of new units or expansion of existing ones. The borrower could take loan from ₹ 25 lakh to ₹ 3 crore which would have to be returned within seven years, he informed, adding that priority would be given to those SC/ST entrepreneurs who have already received funds under the ‘Stand-up India’ scheme of government of India.