SIDBI and Google Partnership for Assistance to Micro Enterprises (SANGAM)
Small Industries and Development Bank of India has launched a new scheme known as SIDBI and Google Partnership for Assistance to Micro Enterprises (SANGAM).
SIDBI came into a collaboration with Google India Pvt Ltd.
It provides financial assistance to the applicants of SIDBI as a term loan for capital expenditure & meet the needs of working capital.
The objective of the SANGAM Scheme
The objective of SIDBI and Google Partnership for Assistance to Micro Enterprises is to support existing and new enterprises to fulfill their working capital requirements.
Features of SANGAM Scheme
Listed below are the key features of the SIDBI and Google Partnership for Assistance to Micro Enterprises (SANGAM) scheme.
- A loan under SANGAM scheme will be sanctioned in 2 days, as it is the quick delivery product of SIDBI.
- It provides funding for both Capital Expenditure and Working capital expenditure requirements.
- SIDBI gives 100% funding for new and existing enterprises.
- To get the loan under this scheme, the individual do not need to pay a processing fee.
- Under this scheme, the individual can get the Credit Guarantee Fund Trust for Micro and Small Enterprises cover.
Entities that are eligible under SIDBI and Google Partnership for Assistance to Micro Enterprises (SANGAM) Scheme are given below: -
- Small Industries and Development Bank of India provides term loans to micro enterprises.
- Under SANGAM scheme, preference will be offered to owned enterprises, women-run, and entrepreneurs from small cities (Beyond metros).
Eligibility criteria of SIDBI and Google Partnership for Assistance to Micro Enterprises (SANGAM) Scheme
The eligibility criteria for getting a loan under the SANGAM scheme are as follows: -
- Working capital term loans should be given to only those enterprises who are not getting an Overdraft account facility, Western Coalfields Limited (WCL), and financial institutions.
- The micro enterprises must be profit-making in the last 2 years.
- To get the term loan under SANGAM scheme, the micro enterprises must have at least 2 years of business operation.
- Micro enterprises do not have any default on any banks or financial institutions.
- The micro enterprises must have cash profit in the previous year.
Quantum of Assistance
SIDBI offered up to Rs. 100 lakhs,
- A maximum of 40% of net sales for manufacturing units.
- 75% of job work income, service sector enterprises, gross receipts for job work.
Validity of the scheme
- The SANGAM scheme under SIDBI, is valid up to 31st March 2022, for the sanctions of the loan.
The Interest rate of SANGAM Scheme
|Rate of Interest
|Women run and owned enterprises
|@5.50% per annum
|Other micro enterprises
|@6.00% per annum
Repayment period of SIDBI and Google Partnership for Assistance to Micro Enterprises (SANGAM) Scheme
- SIDBI provides a repayment schedule for up to 3 to 5 years for a working capital term loan under SANGAM Scheme.
Documents required under SANGAM Scheme
The documents required for SANGAM Scheme are listed below: -
- Proforma invoice of quotation (machinery).
- Copy of trust deed, MOA (Memorandum of Association), and Partnership deed.
- Documents of identity proof.
- Audited financial statements for the last 3 years.
- KYC documents as per the guidelines of banks.
- Statement of immovable directors and promotors.
- Copy of lease agreement and rent.
- Documents of existing power load.
- Documents of address proof.
- Copy of registration certificate of GST for the registered units.
- Copy of UAM (Udyog Aadhar Memorandum)
- Copy of consent to establish from Process Control Book.
- Application filed for the requirement of additional power load.
- Copy of sanction letters from other banks for the current banking agreement.
- Information of loans provided by other banks, financial institutions, and NBFCs (Non-Banking Financial Companies) that are currently outstanding.
Application procedure for SANGAM Scheme
- The eligible micro enterprises require to access the online application page of SIDBI to apply for the scheme.
- The registration page will be displayed on their screen, click on the registration tab to register as a new user in SIDBI to get a loan.
- The entities are required to provide information of enterprise phone number, name, total loan requirements, and email address.
- After the completion of registration, the password and username will be given to the entity.
- Then, log in to the portal and fill in a one-page application form.
- After the verification of KYC documents and due diligence, the loan amount will be credited to their respective account within 48 hours.
Financeseva helps you to avail SANGAM Scheme at best rates and terms.
Also read: - SIDBI Schemes - Features, Interest Rate, Steps to Apply for Loan
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