SIDBI ties up with Global Alliance for Mass Entrepreneurship to help MSMEs revive

The Small Industries Development Bank of India (SIDBI) and the Global Alliance for Mass Entrepreneurship (GAME) have entered into an MoU to help the MSMEs address their challenges that were accentuated during the pandemic, along with the longstanding capacity gaps in the sector.

The broad themes covered under the MoU include expanding credit access, increasing formalisation, building competitive clusters, and improving the legal framework for ease of doing business.

The two organisations committed that at least 25 per cent of beneficiaries from the partnership would be women entrepreneurs.

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"This long-standing experience combined with the force of GAME`s 80+diverse partner alliance should ease the access to credit and a range of new support services for MSMEs at large scale," GAME Co-founder Mekin Maheshwari said.

Some of the focus areas of the partnership will be scaling up Udyam Registration as a unique ID for an MSME to access schemes across the entire MSME universe, leveraging SIDBI`s financial schemes to further formalise enterprises, among others.

"We hope the power of the Alliance can be leveraged for nation building efforts such as formalising MSMEs, and substantially improving access to credit& non-financial services," SIDBI Chairman and Managing Director, Sivasubramanian Raman, said.