SIDBI opens new branch in Kaushambi, Ghaziabad to bolster MSMEs growth

The Small Industries Development Bank of India (SIDBI) has opened a new branch in Kaushambi, Ghaziabad, to bolster the growth and development of Micro, Small, and Medium Enterprises (MSMEs). 

The move is seen as a significant step towards supporting the industrial sector in the region.

The inauguration was done by Rahul Priyadarshi, Chief General Manager, SIDBI, on April 5. During the occasion, Rahul Priyadarshi said that SIDBI has been committed for the last 34 years for the upliftment of MSME units and will continue to make every possible effort in this direction.

Manish Sinha, Regional In-Charge, Gyanesh Kumar, Ghaziabad Branch In-Charge and several industrialists were also present during the inauguration ceremony.

Serving the MSMEs

Manish Sinha said the new branch in Ghaziabad will reach out to all the area's MSME units and provide them with financial assistance. 

Gyanesh Kumar thanked all the industrialists present and assured them of prompt loan disbursement and timely service. The new branch of SIDBI will benefit MSMEs in Ghaziabad, Hapur, Pilkhua, Loni, and surrounding areas.

A boost for local enterprises

On the inauguration day, the Ghaziabad branch oversaw loan sanction certificates to three MSME units. The loans, amounting to Rs. 1760 lakh, were disbursed to diverse enterprises, including a waste-to-energy processing unit, an auto components manufacturing unit, and a curriculum books printing unit. 

What does SIDBI do?

Established in 1990, SIDBI has played a crucial role in shaping the startup ecosystem in India, especially at a time when the risk capital and venture capital ecosystem was almost non-existent.

Over the past three decades, The firm has introduced several pioneering initiatives to support startups, including setting up various schemes and partnering with the Government of India and state governments to manage their startup vision through Fund of Funds interventions. 

It is now managing funds focused on Agro and Rural enterprises and state-focused funds for Uttar Pradesh, Odisha, and now Bihar.