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2013-01-02

NASSCOM and SIDBI sign MoU for MSMEs in ICT sector

Small Industries Development Bank of India (SIDBI) and the National Association of Software and Services Companies (NASSCOM) have recently signed a Memorandum of Understanding (MOU) for entrepreneurship growth and development of MSMEs in the information a

Small Industries Development Bank of India (SIDBI) and the National Association of Software and Services Companies (NASSCOM) have recently signed a Memorandum of Understanding (MOU) for entrepreneurship growth and development of MSMEs in the information and communication technology (ICT) sector. 

SIDBI and NASSCOM would also be exploring other avenues related to entrepreneurship-like policy advocacy, structuring of new risk capital/other direct loan products etc. or for creating an enabling ecosystem for MSMEs in the ICT sector. 

After initial screening, NASSCOM would refer projects of its eligible members to SIDBI for availing financial assistance under its Risk Capital/Direct Credit Schemes. 

As per the MOU, NASSCOM and SIDBI will create a joint working group to oversee the operationalisation of the MOU. NASSCOM shall also facilitate mentoring of MSMEs assisted by SIDBI under this arrangement. 

Speaking on the occasion, Sushil Muhnot, Chairman and Managing Director, SIDBI, explained the bank’s role in financing service sector entities both by way of term loan and equity capital. 

Muhnot assured that benefits under the MoU would be extended to eligible NASSCOM members under SIDBI’s Subordinated Debt Scheme also, to enable them to achieve growth in operations through better capitalisation and higher leveraging.  He also emphasised that companies with prospects for good valuation in future could be given direct equity support through SIDBI Venture Capital Limited [SVCL]. 

Som Mittal, President, NASSCOM, emphasised 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 programme.

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