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Hyderabad, March 06, 2023 – In a landmark convergence of innovation and impact, SIDBI announced support to 12 grassroot level organisations from across the country aimed at catalysing positive change in society and communities through a Challenge Fund and investment through Social Stock Exchange (SSE).
The event was graced by Shri Subhas Chandra Lal Das, IAS, Secretary, Ministry of MSME, GoI; Ms. Christina Scott, CMG, Deputy High Commissioner to India, British High Commission alongwith Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI; Shri Prakash Kumar, Deputy Managing Director, SIDBI; Smt. Vineeta Sahay, Director, IIM Bodhgaya and Prof. B. S. Sahay, Director, IIM Jammu.
Out of a large number of entries received from across the country, SIDBI announced grant support under its Swavalamban Challenge Fund Series – III to 10 agencies selected through rigorous evaluation process by independent jury, recognizing their innovative promising ideas revolving around the themes of ‘Innovations in Livelihoods & Financial Inclusion’, ‘Enterprise Solutions for Building Rural Economy’, ‘Special Category Entrepreneurship Promotion’, ‘Strengthening Market Connect for Artisans’ & ‘Sustainable Initiatives for Enterprise Creation & Social Cause’.
SIDBI Swavalamban Challenge Fund is a competitive mechanism to crowd-source innovative and outcome driven solutions to developmental challenges with an aim to provide financial support to eligible entities and act as a catalyst for change. Through this intervention, SIDBI affirms its commitment to nurturing visionary ideas that have the potential to transform lives and communities.
Further, recognizing the transformative power of finance for social work, SIDBI proudly announces its investment in 2 organizations viz., TRIF & Mukti via the emerging Social Stock Exchange (SSE). CMD, SIDBI digitally transferred the investment to the Escrow accounts of these entities in exchange of Zero Coupon Zero Principal Bonds. SIDBI aims to channelize capital towards enterprise and initiatives that prioritize social and environmental impact through the innovative mechanisms of SSE.
Additionally, SIDBI celebrates the launch of its report ‘SRF Projects Through Gender Lens 2020-2024’, a comprehensive review of SIDBI’s gender focused grass root level initiatives through its various programs of development and impact. This report highlights various models adopted by the bank to positively impact the lives of women particularly from unserved/underserved sections to bring a radical shift in their outlook and approach towards entrepreneurship and transforming them from Job seekers to Job creators.
Speaking at the event, Shri Subhas Chandra Lal Das, IAS, Honourable Secretary, Ministry of MSME, GoI emphasized the importance of MSMEs for the economic progress and the to address the challenges faced by them. He appreciated SIDBI for its interventions in the MSME space and its pivotal role in supporting the value chain of MSMEs through its cutting-edge innovations and last mile connectivity at grassroot level which is a force multiplier.
Speaking at the event, Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI in his address, reiterated SIDBI’s commitment to supporting the innovative ideas and enterprises and mentioned that Swavalamban Challenge Fund is a step in that direction. He highlighted the issues of MSMEs viz., credit and market linkage and cost of that credit and huge strides SIDBI has taken to help MSMEs overcome these challenges and assured SIDBI’s support till the last mile through NGOs, MSMEs and Social impact organizations.
Ms. Christina Scott, CMG, Deputy High Commissioner to India, British High Commission emphasized the importance of entrepreneurship and start-ups in partnership with India. She stressed the need for collaborative efforts between the government and private sector to create an enabling environment for entrepreneurs to thrive. She re-iterated that gender, inclusion, and diversity are at the heart of the investments made for economic growth. She expressed her gratitude to SIDBI by supporting the development at the grassroot level which led to manifold growth.
About Small Industries Development Bank of India (SIDBI):
SIDBI is the Principal Financial Institution for Promotion, Financing and Development of the MSME sector. SIDBI has been playing a significant role in developing the financial services for MSME sector through various interventions including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, Creation of entrepreneurship, Contribution to Venture capital/AIF funds, MSME ratings, promoting digital lending ecosystem, etc. SIDBI has been touching the lives of citizens across various strata of society through its integrated, innovative, and inclusive approach. Be it traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, to high-end knowledge-based entrepreneurs, SIDBI has directly or indirectly impacted the lives of Micro and Small Enterprises (MSEs) through various credit and developmental measures.