Latest News

Gujarat Industry Dept & SBI signs MoU for availing financial assistance to MSME entrepreneurs

    An initiative that ensures that the Micro, Small, and Medium Enterprise (MSME) entrepreneurs get easy financial assistance for setting up industries in Gujarat, is seems to be a reality under the visionary lead ership of
    Chief Minister Mr. Vijaybhai Rupani.

    With a notion to attain this objective, Gujarat Government’s Industry Department today signed a MoU with the State Bank of India (SBI) in the inspiring presence of the Chief Minister. Ensuing this, the new entrepreneurs,
    who want to setup MSME in Gujarat, would easily get assistance for availing working capital and project cost in specific time-limit.

    On behalf of the State Government, the MoU was signed by Principal Secretary (Industry) and Principal Secretary to Chief Minister – Mr. M. K. Das and for the SBI Mr. Ramesh Kumar Agarwal – General Manager, SBI,
    Ahmedabad Circle.

    As per the MoU, to avail the financial assistance for their new MSME projects the entrepreneurs would get permission in principle within just 15 days.

    When, the bank receives an application of new MSME entrepreneur either directly through MSME portal or through nodal agency of district or state level, then within 15 days the bank would give permission in principle for the
    financial assistance.

    In the MoU, for the purpose, the SBI has agreed to provide funding for start- up project from its 54-odd specialised MSME branches.

    On the occasion, the SBI officials apprised the Chief Minister that in Gujarat compared to last year, this year more number of MSME units has demanded loan-assistance from the bank. Not only this, the bank has experienced very
    positive response in recovery of loan-assistance in Gujarat, they added.

    It should be noted here that Mr. Rupani has adopted a revolutionary approach of giving freedom for three years to take permission for starting up MSME units in Gujarat as it is backbone for the industrial growth of the state.

    Besides this, the state government has announced emboldened policy providing special benefits to over 35 lakh MSME units of the state for the production of solar energy.

    In addition to these, the MSME units setting up ‘Green Field Projects’, Start- ups by women entrepreneurs, and units to be set up in backward regions, would be encouraged for the loan-assistance.

    The event was also graced by Mr. K. Kailashnathan – Chief Principal Secretary to Chief Minister, Industry Commissioner Mr. Rahul Gupta, MSME Commissioner Mr. Ranjeeth Kumar, and Mrs Neelam Rani – Managing
    Director of iNDEXTb, Mr. Dukhbandhu Rath – CGM, SBI, Mr. Purshottam Bedekar, General Manager, Mr. Arvind Kumar and others.

    Source: Information Department, Gujarat