MSMEs alert! SIDBI, TransUnion CIBIL launch this program for micro, small and medium enterprises

A comprehensive financial education and knowledge platform for micro, small and medium enterprises (MSMEs) has been launched by the Small Industries Development Bank of India (SIDBI) in association with TransUnion CIBIL.

MSMESaksham

The one-stop knowledge portal- MSMESaksham, will guide MSMEs (micro, small and medium enterprises) seeking seamless and quick access to finance and will also support them in managing their credit obligations.

Commenting on the launch, SIDBI's chairman and managing director Mohammad Mustafa said, "SIDBI (Small Industries Development Bank of India) is happy to partner with TransUnion CIBIL in empowering MSMEs by making them financially aware and loan-ready so that timely and affordable financial support is realised."

The portal aims to guide MSMEs across their credit lifecycle, from availing credit to start and grow their businesses, to manage credit lines to sustain and build structural strength of the business as well as ensuring timely closures and renewals of credit facilities, an official statement said.

It will have a consolidated list of all the schemes launched by the Centre and state governments for MSMEs. It will be a knowledge hub with informative articles, business insights to help entrepreneurs and business owners start or grow businesses.

In another development for MSME sector, PM Narendra Modi on Wednesday in his interaction with stakeholders from banks and Non-Banking Financial Companies (NBFCs) discussed and deliberated on vision and roadmap for the future. The progress of schemes like emergency credit line for MSME, additional KCC cards, liquidity window for NBFC and MFI was also reviewed. While it was noted that significant progress has been made in most schemes, banks need to be proactive and actively engage with the intended beneficiaries to ensure that the credit support reaches them in a timely manner during this period of crisis.