(MENAFN- KNN India)
SIDBI To Launch GST Sahay, App For Invoice Financing Loans For MSMEs
New Delhi, Sept 29 (KNN) The Small Industries Development Bank of India (SIDBI) will soon launch an app-based based invoice financing loans platform for MSMEs called GST Sahay, an official said.
The aim is to enhance the economic and financial sustainability of micro, small and medium enterprises (MSME), said the SIDBI official.
SIDBI, Chief General Manager (CGM), Rahul Priyadarshi announced this at a customer outreach programme on Wednesday.
“The MSMEs are vital for the economic growth and development of India. They create jobs and contribute enormously to the socio-economic development of the country. Although several measures for the MSMEs have been taken in the past few years by the government, the crunch in working capital credit is one of the major issues for them. Now, SIDBI is in the process of launching an app-based 'invoice financing' loans platform for them,” he said.
“The new invoice platform-GST Sahay will reduce the problem of delayed payments and consequential cash flows mismatches for the MSMEs. The GST Sahay will be an invoice-financing marketplace where MSMEs can use their unpaid invoices to get quick working capital loans,” said Priyadarshi.
While speaking about industrial growth in Bihar, the CGM said,“There is no doubt that the industrial growth is taking place in the state, but SIDBI wants to take this region at a greater height. There is a lot of scope for agro-processing, medical and agri tourism in the state. We are always focused on such businesses and SIDBI wants this region to prosper further.”
SIDBI wants to enhance its loan assistance further in the state, he said, adding the loan book of SIDBI's Patna region has grown at 35 per cent (from March 2023 till the date).
“The jump of 35 per cent in lending (of the Patna region), which is at Rs 232 crore now, is quite satisfactory. We want to increase it further. Now the accelerator of growth is on in this region,” he said.
Transparency and trust is the principle on which SIDBI does its businesses, he said.
Anubha Prasad, Regional Head of SIDBI Patna, speaking at the event said,“SIDBI is dedicated to fostering strong relationships with its valued customers. SIDBI hopes to aid the development of the two states (Bihar and Jharkhand) through its credit-plus approach, and create stronger footprints for enterprise development at the grassroots level, creating employment and empowering entrepreneurs, as well as work with the two state governments to add value to their initiatives.”
SIDBI has appraised 17 proposals involving assistance of approximately Rs 196 crore under Micro and Small Enterprises - Cluster Development Programme (MSE-CDP) for Bihar Industrial Area Development Authority (BIADA) clusters in the state, she added.
Highlighting the bank's comprehensive range of offerings, Prasad said,“SIDBI is also providing financial assistance and support for green projects in the MSME sector as aligned to the nation's commitment to reduce the Green House Gas (GHG) emissions.”
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