6/10/13 IndianShowBiz.com » SIDBI commits Rs. 10-cr to DICCI SME Fund for Dalit entrepreneurs

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SIDBI commits Rs. 10-cr to DICCI SME

Fund for Dalit entrepreneurs

By Vivek K Mob: 00919920183006 Email: Indianshowbusiness@gmail.com

SIDBI, the apex financial institution for promotion,

financing and development of Micro, Small and

Medium Enterprises (MSMEs), has become the first

financial institution (FI) to support the first-of-its-

kind DICCI SME Fund for investment in companies

promoted by SC/ST entrepreneurs.

In the presence of Union Finance Minister Shri P.

Chidambaram, SIDBI’s Chairman and Managing

Director Shri Sushil Muhnot handed over a

commitment letter to Shri Milind Kamble, Chairman of

DICCI (Dalit Indian Chamber of Commerce & Industry) contributing Rs. 10 crore to the Rs.

100-crore corpus of DICCI SME Fund. The Fund will be largely ‘sector agnostic’ and will be

investing in high growth companies (promoted by SC/ST/ Dalit entrepreneurs) that are

SMEs; members of the Dalit Indian Chamber of Commerce & Industry (DICCI) and with

proven track record and management capability.

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(Left to Right) - Shri Milind Kamble (Chairman, DICCI), Hon. Finance Minister Shri P Chidambaram and

SIDBI's Chairman and MD Shri Sushil Muhnot at the function where SIDBI committed Rs. 10 crore to the

first of its kind DICCI SME Fund to support SC/ST/Dalit entrepreneurs held at the Taj Mahal Hotel in

Mumbai on June 6…

Also present on the occasion were Shri Chandra Bhan Prasad (Mentor, DICCI), Smt.

Kalpana Saroj (Chairperson, NBAC), Shri Ashish Kumar Chauhan (MD & CEO, BSE), Shri

Prasad Dahapute (Founder and Chairperson of the Varhad Group and Director, Varhad

Investment Managers) and Shri Sachin Gupta (Director, Varhad Capital). Hon. Union

Finance Minister Shri Chidambaram also released a special report titled “MSME: The

Opportunity Knocks” on the occasion.

(Left to Right) - Shri Milind Kamble (Chairman, DICCI), Hon. Finance Minister Shri P Chidambaram and

SIDBI's Chairman and MD Shri Sushil Muhnot at the function where SIDBI committed Rs. 10 crore to the

first of its kind DICCI SME Fund to support SC/ST/Dalit entrepreneurs held at the Taj Mahal Hotel in

Mumbai on June 6…

Hon. Union Finance Minister Shri Chidambaram complimented SIDBI for being the first FI to

contribute to the DICCI SME Fund and urged other FIs to do the same. He also urged

every branch of every bank in the country to support one SC/ST/Dalit entrepreneur. He

encouraged more SMEs to list on the stock exchanges.

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(Left to Right) - Shri Milind Kamble (Chairman, DICCI), Hon. Finance Minister Shri P Chidambaram,

Kalpana Saroj and SIDBI's Chairman and MD Shri Sushil Muhnot at the function where SIDBI committed Rs.

10 crore to the first of its kind DICCI SME Fund to support SC/ST/Dalit entrepreneurs held at the Taj Mahal

Hotel in Mumbai on June 6…

Speaking on the occasion, Shri Sushil Muhnot said, ”India’s MSME sector has 30 mn units,

employs more than 70 million people and contributes 45% to the country’s industrial

production and 40% of exports. Union Finance Minister has often said that for accelerated

economic development, we need the micro units to grow to small enterprises and then to

mid-sized firms and then large companies. For this to happen, they need both debt and

equity. The availability of a formal source of equity is very less and therefore Hon.

Finance Minister created the Rs. 2,000-cr Risk Capital Fund through SIDBI. This Fund is

being used by SIDBI to provide risk & venture capital to SME focused funds like DICCI SME

Fund. The DICCI SME Fund will meet the twin objectives of job creation and also inclusive

growth as well as social equity.”

(Left to Right) - Shri Milind Kamble (Chairman, DICCI), Hon. Finance Minister Shri P Chidambaram and

SIDBI's Chairman and MD Shri Sushil Muhnot at the function where SIDBI committed Rs. 10 crore to the

first of its kind DICCI SME Fund to support SC/ST/Dalit entrepreneurs held at the Taj Mahal Hotel in

Mumbai on June 6…

“I support DICCI’s slogan of encouraging job seekers to become job givers. And I also

encourage the SC/ST/ Dalit entrepreneurs to visit smallb.in, which is SIDBI’s initiative to

stimulate youth entrepreneurship and help all others to set up their own enterprises.

Smallb.in provides information on how to nurture and develop ideas and also how to

evaluate them. It also helps them prepare business plan and project reports. It lists

various schemes for the registration required for creating an SME or MSME. It also

counsels them on how to seek assistance from banks,” added Shri Muhnot.

About SIDBI

SIDBI is set up under an Act of the Indian Parliament as the apex financial institution for

promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs).

Set up in 1990, SIDBI has been extending credit facilities and promotion & development

support for the growth of MSME sector in India. SIDBI has been instrumental in taking up

6/10/13 IndianShowBiz.com » SIDBI commits Rs. 10-cr to DICCI SME Fund for Dalit entrepreneurs

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various policy initiatives for the MSME sector. Given the importance of micro enterprises in

the Indian economy in terms of employment, SIDBI has been implementing various

projects for increased lending to micro enterprises and for capacity building of micro

entrepreneurs and capacity building of Banks, NBFCs, MFIs, etc. lending to the segment.

Category: Business | Tags: Dalit, DICCI, SIDBI, SME Fund

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