The Business Bytes
TBB BUREAU
NEW DELHI, OCT 17, 2023
National development bank SIDBI on Monday announced a growth accelerator programme for small NBFCs to help them become eligible for bank funding.
Under the initiative, being carried out in association with the global alliance for mass entrepreneurship and national NBFC lobby FIDC (Finance Industry Development Council), it has onboarded 18 small NBFCs as the first cohort of the programme.
The five-month-long programme is designed to scale small NBFCs (Non Banking Financial Company) through design interventions, enabling them to apply for institutional funding based on holistic evaluation parameters, SIDBI Chairman & Managing Director Sivasubramanian Ramann told reporters here.
The programme includes mentorship from domain experts on risk, operations, governance, and technology and is structured to encourage and facilitate peer learning, reviews and networking through a blend of in-person, virtual and individualised sessions.
The objective of the programme is to design a replicable model to enable MSME-focused NBFCs to become eligible for formal funding and future-ready, Ravi Venkatesan, founder of the global alliance for mass entrepreneurship, said.
The programme will enhance the fund flow for the MSME sector by enabling NBFCs to get institutional funding. In this cohort, the participating 18 NBFCs will benefit significantly from specific advice, informal interactions with peers, structured reviews and evaluation.
