Industries assn signs MoU with bank for development of MSMEs

The Baddi Barotiwala Nalagarh Industries Association (BBNIA) has signed a memorandum of understanding (MoU) with Small Industries Development Bank of India for capacity-building of the industry association. The MoU was signed by Rajiv Agarwal, association’s president on behalf of BBNIA and Balbir Singh, GM, on behalf of SIDBI, Chandigarh. This partnership aims to enhance the capabilities of BBNIA by providing support for their business development and to create opportunities for growth and development among micro, small and medium enterprises (MSMEs).

SIDBI shall place its skilled resource persons at the BBNIA office in Baddi through soft intervention under the arrangement, who would extend support to the MSMEs, their promoters and other stakeholders to take advantage of various schemes run by SIDBI in coordination with Government of India such as Mudra, Stand Up India, Credit Guarantee Scheme, GIFT, SPICE etc.

During the event, Singh briefed the members that the bank shall also support BBNIA through hard intervention by providing the infrastructural support at BBNIA office as SIDBI remains committed to MSMEs by advancing entrepreneurship, ensuring economic inclusion and to achieve sustainable growth in the state.