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SIDBI offers 100% financing for MSMEs' Green Energy Projects
Industry News- Sep 20,23
SIDBI is prepared to extend loans with 100% coverage, offering interest rates as low as 7-8%, contingent upon the credit ratings of the applicants.
On September 18, SIDBI, the national development bank with a primary focus on refinancing loans for small businesses, announced its commitment to provide 100% financing for MSMEs engaging in green energy and other clean projects.
During an MSME financing event held on September 18, Jay Kumar Gupta, Deputy General Manager of SIDBI, expressed the organisation's eagerness to support MSMEs in utilising their various financial schemes for the implementation of solar energy systems and the adoption of energy-efficient machinery and business processes. SIDBI is prepared to extend loans with 100% coverage, offering interest rates as low as 7-8%, contingent upon the credit ratings of the applicants. These loans are intended for the installation of both rooftop and ground-mounted solar power projects.
Gupta further highlighted SIDBI's commitment to the environment by stating that, through their new credit scheme in partnership with Tata Power, they offer loans up to Rs 7.5 crore to eligible MSMEs, without imposing processing fees. In this scheme, 25% margin money is taken as security. This initiative aims to promote energy-efficient and environmentally friendly business operations, ultimately contributing to the protection of the environment. Gupta shared these insights during an event organised by the World Trade Centre and the All India Association of Industries.
Source: moneycontrol.com
SIDBI
MSMEs
Green Energy
Solar Power
Energy Efficiency
Tata Power
Credit Ratings
Jay Kumar Gupta
World Trade Centre
All India Association of Industries
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