Small Industries Development Bank of India (SIDBI) today said it expects a 10 percent growth in its loan disbursement during the current fiscal at Rs 44,000 crore.
In 2012-13, the financial institution providing loans to Micro, Small and Medium Enterprises (MSMEs) directly and indirectly had disbursed Rs 40,000 crore.
"In the current fiscal, we have set a 10 percent higher disbursement target. Last year, SIDBI disbursed Rs 40,000 crore," SIDBI Deputy Manager N K Maini told PTI on the sidelines of a function organised by PHD Chamber.
Last year, SIDBI had identified four niche areas – risk capital, receivable financing, financing services sector and sustainable financing - where MSMEs need support.
"SIDBI has repositioned its business model. We have created certain niche areas of financing. These are the areas where SIDBI is trying to provide fund to MSMEs," Maini said.
MSME contributes over 36 percent to the country's total exports and 45 percent to the manufacturing output. The sector employs about 60 million people and contributes 8 percent to the country's GDP.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
