The Small Industries Development Bank of India (SIDBI) recently opened its first branch in Ghaziabad, specifically in Kaushambhi, for the MSMEs in the area. The branch will significantly affect the industries in the area. The Small Industries Development Bank of India (SIDBI) has been functioning in India since 1990. It was established under an Act of the Indian Parliament to support micro, small, and medium enterprises and grow their faith in the government. This was the era before globalisation, and industry owners were not that free at that time, and it took a lot of work to get loans as well. SIDBI solved all the problems and started giving loans to the MSMEs, which further helped them grow their businesses significantly.
On the day of launch only, the Small Industries Development Bank of India (SIDBI) sanctioned a loan to the three businesses, amounting to around Rs 1760 lakh. The step will further motivate other businesses in the region to work with the branch.
The branch in Kaushambhi, Ghaziabad, was inaugurated by Rahul Priyadarshi, Chief General Manager, SIDBI, on Friday, April 5. Further, Rahul Priyadarshi also said that the Small Industries Development Bank of India is determined to work with MSMEs and help them in every way possible and will take directions to help MSMEs as much as possible. Along with Rahul Priyadarshi, other well-known people from SIDBI were also present: Manish Sinha, Regional In-Charge; Gyanesh Kumar, Ghaziabad Branch In-Charge.
Gyanesh Kumar, Ghaziabad Branch In-Charge, expressed his gratitude towards the industrialists who were present at the event and promised them that the branch would help industries in the region and would try their best in loan disbursement and timely service.
The Small Industries Development Bank of India (SIDBI) has played a huge role in the startup world, where startups usually fail to get loans and investments from investors at low-interest rates. The SIDBI helped many startups in India and created a startup ecosystem. Prime Minister Modi also talked about how startups are growing in the nation rapidly.