Infotech Lead India: SIDBI and NASSCOM have decided to work together for the development of MSMEs in the ICT sector in India.
They will also work on various avenues related to entrepreneurship like policy advocacy, structuring of new risk capital / other direct loan products etc. to create an enabling ecosystem for fostering entrepreneurship and development of MSMEs in the ICT sector.
After initial screening, NASSCOM will refer projects of its eligible members to SIDBI for availing financial assistance under its Risk Capital / Direct Credit Schemes.
NASSCOM shall also facilitate mentoring of MSMEs assisted by SIDBI under this arrangement.
S Muhnot, chairman and managing director, SIDBI, assured that benefits would be extended to eligible NASSCOM members under SIDBI’s Subordinated Debt Scheme also, to enable them to achieve growth in operations through better capitalization and higher leveraging.
Som Mittal, president, NASSCOM, emphasized the need for a proper mechanism to be put in place which would ensure that the right kind of proposals from its members are referred to SIDBI based on the product features and likelihood of acceptance under SIDBI’s financing program.