The Small Industries Development Bank of India (SIDBI) has expanded its presence in the region of Hosur by launching a new branch office to support micro, small, and medium firms. SIDBI, with cooperation from the Central Bank of India, also established a SIDBI Cluster Development Fund to assist in building infrastructure for MSMEs in clusters.
According to SIDBI chairman and managing director Sivasubramanian Ramann, financial support is supplied to state governments in term loans at concessional rates to fund initiatives involved in the MSME ecosystem following the launch of the new office. He stated that SIDBI took additional steps to increase credit flow to MSMEs and that the bank has just developed an automated straight-through process to approve loans up to Rs 50 lakh online in a couple of hours.
According to a press release, the Hosur branch will continue collaborating with MSMEs, industry groups, and all stakeholders to provide targeted financial assistance to MSMEs in the district and neighboring areas. During the inauguration, micro, small, and medium company clients received permission letters for term loans ranging from Rs 30 lakh to Rs 3 crore to acquire equipment and machinery.