Sidbi Extends 100% Funding For MSME Green Projects
Sidbi, the national development bank for the micro, small and medium enterprises (MSME) sector, on Monday said that it will provide complete financing for MSMEs' green energy and other clean projects.
"We encourage MSMEs to make use of our various financial schemes for implementing solar energy and adopting energy-efficient machinery and business processes. We are prepared to offer a 100 per cent loan at an interest rate as low as 7-8 per cent (depending on their credit ratings) for the installation of rooftop and ground-mounted solar power projects," stated Jay Kumar Gupta, a deputy general manager of the lender.
Sidbi is planning to extend loans of up to Rs 7.5 crore to eligible MSMEs without imposing any processing fees while taking 25 per cent margin money as security under their new credit scheme in association with Tata Power.
This initiative aims to promote energy-efficient and environmentally friendly business practices, as Gupta explained at the event hosted by the World Trade Centre and the All India Association of Industries.
