The two organizations have pledged that at least 25% of the partnership's beneficiaries will be women entrepreneurs
Global Alliance for Mass Entrepreneurship (GAME), an alliance of mission-aligned organizations that aim to build a profitable environment for businesses in India, has signed a deal with SIDBI (Small Industries Development Bank of India) to assist micro, small, and medium-sized enterprises (MSMEs) in overcoming obstacles created by the COVID-19 pandemic.
According to reliable sources, the partnership will emphasize on extending finance availability, enhancing formalization, developing competitive clusters, and improving the legal framework for ease of doing business. The two organizations have also pledged that at least 25% of the partnership's beneficiaries will be women entrepreneurs.
In addition to this, the partnership will focus on scaling up Udyam registration as a UID for MSME which will enable access to schemes throughout the MSME landscape. It will focus on using SIDBI's financial schemes and enhancing credit access to micro-enterprises, particularly the ‘new to credit’ category, and will co-create and support pilots that encourage small and micro-financial management initiatives.
Since its establishment, SIDBI has been at the edge of assisting and developing MSMEs. CGTMSE and TReDS (RXIL), some of India's largest MSME-focused platforms and policies, that are also promoted by the organization.
Sivasubramanian Raman, SIDBI’s Chairman and Managing Director, said that this alliance will support nation-building measures such as formalizing MSMEs and considerably expanding credit facilities and non-financial services.
Mekin Maheshwari, GAME Co-Founder, stated that this long-standing experience, along with the power of GAME's over 80 diversified partner alliances, should make it easier for MSMEs to access loans and a variety of innovative support services on a broader level.
According to the statement, the two organizations will also collaborate on online and offline campaigns to support SIDBI's Mission Swavalamban and Mass Entrepreneurship development projects.