TDB-SIDBI MoU to boost Indian MSMEs through tech-focused financing

19 Nov '23

1 min read

Pic: Pib

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India's Technology Development Board and the Small Industries Development Bank of India recently signed an MoU to facilitate easier access to credit for micro, small and medium enterprises engaged in the development and application of indigenous or imported technology.
Both will refer additional funding needs of firms they have earlier funded to each other.

India’s Technology Development Board (TDB) and the Small Industries Development Bank of India (SIDBI) recently signed a memorandum of understanding (MoU) to facilitate easier access to credit for micro, small and medium enterprises (MSMEs) engaged in the development and commercial application of indigenous or imported technology.

Both have entered into a credit alliance, wherein TDB and SIDBI will refer additional funding needs of companies they have previously funded to each other.

With dedicated key contacts, both organisations will streamline coordination for seamless referral exchange. TDB and SIDBI will also provide financial support to eligible MSMEs, following their respective policy guidelines, an official release said.

The collaboration extends beyond financial support, with the parties also planning joint outreach and marketing activities to promote the initiative and reach a wider audience.

Fibre2Fashion News Desk (DS)

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