Small Industries Development Bank of India (SIDBI) set up on 2nd April 1990 under an Act of Indian Parliament, acts as the Principal Financial Institution for Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector as well as for co-ordination of functions of institutions engaged in similar activities
SIDBI has been set up on April 02nd, 1990 under an Act of Indian Parliament. Being the Principal FI for MSMEs, SIDBI has dedicated its resources towards evolution of a vibrant MSME ecosystem
SIDBI’s initiatives have remained aligned to the national goals of poverty alleviation, employment generation, kindling entrepreneurship and fostering competitiveness in MSME sector
The Shares of SIDBI are held by the Government of India and twenty- nine other institutions / public sector banks / insurance companies owned or controlled by the Central Government
For more details, please visit SIDBI website at www.sidbi.in
With a view to enlarge its foot print in delivery of products and services in MSME eco-system, a series of digital delight initiatives involving various portals such as sidbi.in, sidbistartupmitra.in, standupmitra.in has been launched by SIDBI. SIDBI Udyamimitra [www.udyamimitra.in], happens to be a new addition as another interactive portal. It is an enabling platform which leverages IT architecture of Stand-Up Mitra portal and aims at instilling ease of access to MSMEs financial and non-financial service needs.
The Portal, as a virtual market place endeavors to provide 'End to End' solutions not only for credit delivery but also for the host of Credit-plus services by way of hand holding support, application tracking, multiple interface with stakeholders (i.e. banks, service providers, applicants). The important features include
I. Matchmaking platform- It provides a unique match making platform to MSME loan seekers, lenders as also handholding agencies. The portal has designed capability to accept varied MSME loan applications. Presently loans upto 10 crore can be accessed. The portal aims to be a crucial interface layer to create a support system involving varied stakeholder
II. Inclusive Access to all - It provides access to both financial (1.25 lakh branches) and non-financial services (17000+ handholding agencies) with three distinct features viz. (i) Seek Handholding support; (ii) select and apply for loans to preferred banks; (iii) enable faster loan processing.
On entering Portal, the user is guided for registration and login. Based on information furnished by a prospective entrepreneur the system categorizes the applicants into ‘trainee’ (those needing training or other help before they are ready for entrepreneurship) and ‘ready’ borrowers (borrower feels he/she is ready to approach lenders for loan). It then guides them to access handholding support or direct loan application module as per their requirement.
Ready Borrower can submit its loan application online with instant acknowledgement through SMS/email. The submitted application flows to the preferred bank as selected by the loan applicant with online notification to the Nodal Officer of the bank as also Lead District Managers. It facilitates
The Portal is designed to obtain application forms, gather and provide information, enable registration, provide links for handholding and assist in tracking request for handholding or loan. At the loan market place, a preferred banker or any other banker who are active, undertake P3 (peruse, pick and process) on the loan applications offline as also mark their sanctions and rejections online. Applications from the virtual loan market are picked up by lenders and disposal of the applications are expected to be ensured as per Code of Commitment for its Customers adopted by respective banks.
All submitted applications will be available at virtual market place for credit access to entrepreneurs and status visible to all stakeholders viz. lenders, handholding agencies, applicants, SIDBI and Govt. agencies till the same is disbursed by one of the lenders.
---Supported under TA Component of DFID, UK, under PSIG Project.