New Delhi | Jagran Business Desk: Google has entered into a collaboration with the Small Industries Development Bank of India (SIDBI) to launch a $15 million (about Rs 110 crore) financial assistance program, enabling micro-enterprises to avail loans of Rs 25 lakh to Rs 1 crore at competitive interest rates.

"The loans, which will be disbursed by SIDBI, will be offered at competitive interest rates, and its ticket size will range from 25 lakhs Indian rupees ($33,728) to 1 crore ($135,000)," said Shalini Puchalapalli, Director of Customer Solutions at Google India, at the firm's annual event.

"Eligible firms will be using the loan to finance purchases of new equipment and machinery, scaling their production infrastructure and fulfilling their working capital needs," Puchalapalli added.

Also, the program will prioritize women-owned businesses and those that are engaged in the production of equipment for the country’s fight against the pandemic

"Collaborations between the government and industries will go a long way in reinforcing India's and Prime Minister Narendra Modi's 'Atmanirbhar Bharat' mission. To achieve this, we must focus on skilling, talent development, and the capabilities India needs to become a significant digital economy player globally," said Union Minister of State for IT Rajeev Chandrasekhar at the event.

Furthermore, Sivasubramanian Ramann, Chairman and Managing Director of SIDBI hailed the move and mentioned that SIDBI will be benefited from the collaboration with Google.

"Today, we feel proud that SIDBl’s efforts in reviving the sector are backed by a strong collaboration with Google," Ramann said.

"With renewed hope in making a full and vital economic recovery, we look to this collaboration to enhance our efforts in expanding the sector’s access to credit and are very eager to see the constructive impact that we can achieve together," he added.

Last year, Google committed to investing $10 billion in India over the course of five to seven years. It is the latest tech giant to explore helping disburse loans to businesses in India.

Posted By: Sugandha Jha