SIDBI plans for factoring services to SMEs
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2012-07-07

SIDBI plans for factoring services to SMEs

SIDBI, the premier financial institution for SMEs, is now looking to expand beyond its normal operations of financing SMEs. The bank is now looking to assist SMEs with the factoring services or receivable management.

SIDBI, the premier financial institution for SMEs, is now looking to expand beyond its normal operations of financing SMEs. The bank is now looking to assist SMEs with the factoring services or receivable management.

Apart from this the SIDBI (amendment) Bill, 2012, has already been tabled in the parliament. The bill seeks to empower SIDBI in helping MSMEs with the funds through risk capital, factoring, venture capital, loans.

The bank is also looking to operate pool finances for MSMEs having a larger fund apart from providing direct finance through its VC arm. SIDBI will have equity exposure of up to 20 per cent in the start-up firms and growth-stage firms across the sectors.

It has also planned some credit facilitation centres across industrial clusters in the country. Five of which are being planned in Gujarat with two in Ahmedabad at Gujarat Chamber of Commerce and Industry and Gujarat State Small Industries Federation.

According to N K Maini, Deputy Managing Director, there are as of now few players, providing factoring services in India including Canbank Factors, a subsidiary of Canara Bank, SBI arm SBI Factors and IFCI Factors.

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