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

According to a spokesperson for the state, a memorandum of understanding (MoU) has been signed between West Bengal Small Industries Development Corporation Limited (WBSIDCL) and India’s premier MSME lender, Small Industries Development Bank of India (SIDBI), with the goal of enhancing the state’s micro and small business ecosystem.
Sudatta Mandal, deputy managing director of SIDBI, and Nikhil Nirmal, MD of WBSIDCL, exchanged memoranda of understanding (MoU) at the MSME sectoral session of the Bengal Global Business Summit (BGBS) in Kolkata on April 21, 2022, with the presence of H K Dwivedi, chief secretary of West Bengal.

The Objective of this MoU

The purpose of this MoU is to strengthen the partnership between the West Bengali government and SIDBI in order to expedite the planned and structured development of micro, small, and medium-sized enterprises (MSMEs) in the state. It also aims to provide entrepreneurs with affordable financial aid and mentoring so that they can meet their developmental and financial obligations.
As part of the agreement, WBSIDCL will supply SIDBI with a dedicated desk so that the latter can establish an MSME facilitation desk, and SIDBI will supply the necessary resources.
Once the land has been allocated to qualifying MSMEs, WBSIDCL will send a copy of the letter to SIDBI, who will then evaluate the applications that came from the MSME facilitation desk, West Bengal Small Industries Development Corporation Limited, or other state authorities in an expedited manner. From the loan funds that are approved to the eligible MSME based on their merits, SIDBI may pay the acceptable cost of land straight to WBSIDCL to assist meritorious projects.
According to the spokesperson, WBSIDCL would enable SIDBI to disseminate its facilities and share databases and information pertinent to micro, small, and medium enterprises (MSMEs). In addition, a nodal officer will be appointed by WBSIDCL to work in tandem with SIDBI.

Conclusion

According to Dwivedi, this MoU would help micro, small, and medium-sized enterprises (MSMEs) in West Bengal speed up the process of establishing their units and gaining institutional assistance.