Small Industries Development Bank of India signs MoU with West Bengal SIDCL

Small Industries Development Bank of India (SIDBI), the leading financial institution for MSME sector, has entered into an MoU with West Bengal Small Industries Development Corporation Limited (WBSIDCL) to develop the eco-system for micro and small enterprises in the state, a spokesman said on Saturday.

The MoU was exchanged by Nikhil Nirmal, MD of WBSIDCL,and Sudatta Mandal, deputy managing director, SIDBI, in the presence of H K Dwivedi, chief secretary of the West Bengal, during the MSME sectoral session of Bengal Global Business Summit (BGBS), held in Kolkata on April 21, 2022.

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The objective of this MoU is to enhance cooperation between the state government and SIDBI to further accelerate the development of MSMEs in West Bengal in a structured and planned manner and facilitate the entrepreneurs with handholding support and financial assistance from SIDBI at a competitive price, for meeting their financial and developmental needs.

Under the MoU, WBSIDCL shall provide a dedicated desk to SIDBI for setting up an MSME facilitation desk, while the latter shall provide the required resources.

After allotment of land to the eligible MSMEs, WBSIDCL shall forward a copy of the land allotment letter to SIDBI which shall undertake assessment of the applications originated through the MSME facilitation desk/WBSIDCL/other state agencies on fast-track basis. SIDBI may make payment towards eligible cost of land for the support of worthy projects directly to WBSIDCL, out of the loan sanctioned to the eligible MSME on merits.

WBSIDCL shall allow dissemination of the facilities available with SIDBI and shall share the relevant database/information related to MSMEs, and WBSIDCL shall designate a nodal officer for co-ordination with SIDBI, the spokesman added.

Dwivedi stated that this MoU would be beneficial to the MSMEs in the state of West Bengal, in terms of acceleration in setting up their units and getting institutional support in a faster way.