Google to chip in Rs 110 cr for MSME lending project in pact with Sidbi

Small Industries Development Bank of India (Sidbi) has inked a pact with Google for pilot social impact lending with financial assistance up to Rs one crore at subsidised interest rates to micro enterprises.

Google India Pvt Ltd GIPL brings a corpus of $15 million (approx Rs 110 crore) to micro enterprises as a crisis response related to Covid-19 to reinvigorate the MSME sector in India, Sidbi said in a statement.

The partnership envisages a loan programme targeted at micro enterprises (having turnover up to Rs five crore), with loan sizes ranging between Rs. 25 lakh to Rs. 1 crore.