National development bank SIDBI has launched a growth accelerator program for small NBFCs in collaboration with FIDC (Finance Industry Development Council) and a global entrepreneurship alliance. The initiative aims to assist 18 small NBFCs in accessing institutional funding through mentorship on risk, operations, governance, and technology. With only 15% of small businesses having access to formal credit, the program seeks to pave the way for MSME(Micro, Small & Medium Enterprise)-focused NBFCs to be future-ready and eligible for formal funding. SIDBI's focus on doubling MSME lending over the next three years highlights the potential impact of the program, as it strives to enhance fund flow to the MSME sector through increased access to institutional funding for participating NBFCs. The program emphasizes structured reviews, evaluation, and actions for continued progress, aiming to prepare 100 non-banks for the future.
National development bank SIDBI has launched a growth accelerator program for small NBFCs in collaboration with FIDC (Finance Industry Development Council) and a global entrepreneurship alliance. The initiative aims to assist 18 small NBFCs in accessing institutional funding through mentorship on risk, operations, governance, and technology. With only 15% of small businesses having access to formal credit, the program seeks to pave the way for MSME(Micro, Small & Medium Enterprise)-focused NBFCs to be future-ready and eligible for formal funding. SIDBI's focus on doubling MSME lending over the next three years highlights the potential impact of the program, as it strives to enhance fund flow to the MSME sector through increased access to institutional funding for participating NBFCs. The program emphasizes structured reviews, evaluation, and actions for continued progress, aiming to prepare 100 non-banks for the future.