SIDBI to extend direct funding facility to VLEs in CSCs

CSC SPV and Small Industries Development Bank of India (SIDBI) signed an MoU for providing financial support to CSCs across the country. SIDBI has come forward to support CSCs to promote rural entrepreneurship, and with financial support new avenues of opportunities will come up for CSCs, which in long run will help upgrade the potential of existing CSCs along with creating new opportunities to rural population.

Through the MoU, the SIDBI seeks to extend financial support to the Village Level Entrepreneurs (VLEs) of Common Services Centers, with minimum one year of operation, under the Direct Financing Window of SIDBI. Under the Direct Financing Window, CSC SPV will approve the list of VLEs, within 25 km distance of SIDBI Branch Offices, who require financial support. To avail the loan, the VLEs need to submit their CSC project, with maximum project outlay of Rs. 3.50 lakh and term loan requirement not exceeding Rs. 2 lakh per project. Through the MoU, both CSC SPV and SIDBI seek to work together to bring more citizens under the ambit of financial inclusion.  Moreover, it also seeks to enhance the financial viability of CSCs by including additional services in their bouquet of products.

Ministry of Electronics & IT

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