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

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 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.

Related opportunities
  • Others Food Service
    Coffee n Recharge (CnR) is a novel branded coffee shops,..
    Locations looking for expansion Tamil nadu
    Establishment year 2022
    Franchising Launch Date 2023
    Investment size Rs. 5lakh - 10lakh
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Chennai Tamil nadu
  • Tea And Coffee Chain
    Please find the details of our Mobile Cafe Concept- CANABEANS-Coffee..
    Locations looking for expansion Uttar pradesh
    Establishment year 2019
    Franchising Launch Date 2023
    Investment size Rs. 20lakh - 30lakh
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Noida Uttar pradesh
  • Quick Service Restaurants
    Scrummys is a continental fusion cuisine-based café restaurant chain opened..
    Locations looking for expansion Karnataka
    Establishment year 2015
    Franchising Launch Date 2023
    Investment size Rs. 10lakh - 20lakh
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
  • Welcome to our world, where every classroom is as important..
    Locations looking for expansion Uttar pradesh
    Establishment year 2002
    Franchising Launch Date 2014
    Investment size Rs. 10lakh - 20lakh
    Space required 10000
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Ghaziabad Uttar pradesh
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads