SME Times News Bureau | 29 Dec, 2012
IT industry association NASSCOM Friday signed a memorandum of
understanding with Small Industries Development Bank of India (SIDBI) to
foster entrepreneurship in the technology sector's Micro, Small and
Medium Enterprises (MSME).
"We are confident that this
collaboration will provide immense value to startups, entrepreneurs and
the whole Indian technology community as the financial assistance will
help encourage their efforts," said Som Mittal, president of NASSCOM.
NASSCOM
and SIDBI will explore and work on policy advocacy, structuring of new
risk capital and other direct credit products to create an enabling
ecosystem for fostering entrepreneurship and development of MSMEs.
NASSCOM
and SIDBI will also create a joint working group of three nominees
from SIDBI and two from NASSCOM that will undertake the necessary
assessment and evaluation of the proposals submitted by the eligible
NASSCOM MSME members.
As part of the agreement, NASSCOM will
organise meetings/workshops for dissemination of information regarding
Risk Capital Assistance/Direct Credit Schemes of SIDBI, to identify
eligible enterprises for assistance from the bank.
