In a major boost to India’s Micro, Small, and Medium Enterprise (MSME) sector, the Technology Development Board (TDB) and the Small Industries Development Bank of India (SIDBI) have joined forces to facilitate easier access to credit for MSMEs engaged in technology development and commercialization.
Through a Memorandum of Understanding (MoU), TDB and SIDBI have established a credit alliance, where each organization will refer additional funding requirements from companies they have previously funded to the other. Dedicated key contacts will ensure seamless coordination and referral exchange between the two institutions.
Beyond financial support, TDB and SIDBI will collaborate on joint outreach and marketing activities to promote this initiative and reach a wider audience. The scope of these activities will be mutually agreed upon during the implementation phase.
This partnership reflects a shared commitment from TDB and SIDBI to empower MSMEs in their endeavors to embrace cutting-edge technologies and contribute to societal progress. The collaboration is expected to foster innovation, job creation, and overall economic growth within the MSME sector.
Commenting on this alliance, Shri Rajesh Kumar Pathak, Secretary of TDB, expressed enthusiasm for the partnership. He stated, “This collaboration with SIDBI marks a significant milestone in our mission to promote technology development. By combining our strengths, we aim to create a conducive environment for MSMEs engaged in innovative ventures, fostering entrepreneurship and economic growth.”
The partnership between TDB and SIDBI is a positive step towards empowering MSMEs and driving technological advancements in India. By facilitating access to credit and fostering a supportive ecosystem, this collaboration is expected to play a pivotal role in strengthening the MSME sector and contributing to the nation’s economic growth and prosperity.