SIDBI facilitating free onboarding of MSMEs under Swavalamban Crisis Responsive Fund (SCRF)

In order to support MSMEs by waiving their registration fees on Trade Receivables Discounting System (TReDS) platform, which helps MSMEs gain access to working capital through invoice discounting via multiple financiers. Small Industries Development Bank of India (SIDBI) has extended the validity of Swavalamban Crisis Response Fund (SCRF), which was put into effect in June to bring resilience in small businesses.

As per the statement released by SIDBI, the last date of drawdown of the fund has now been extended up to March 31, 2021 and it intends to onboard more than 13500 MSMEs by the end of March.

A total of 6,545 MSMEs have been given free onboarding facilities on TReDS through RXIL, M1xchange and Invoicemart as of November last year.

Recently SIDBI also signed an MOU with Bank of Baroda to support MSME enterprises through a web-based platform called ‘Asset Restructuring Module for MSMEs (ARM-MSME)’ for submission of their loan restructuring proposal.

Cover image by The Hans India