Industrial chambers, bank ink pact to boost enterprises

In a major boost for the industrial sector, the Chamber of Industrial and Commercial Undertakings (CICU) has signed a memorandum of understanding (MOU) with the Small Industries Development Bank of India (SIDBI) to open a dedicated SIDBI nodal office at the CICU Focal Point Complex in Ludhiana. This new initiative is set to create a vibrant platform for businesses to engage with SIDBI’s range of financial schemes and support services aimed at boosting the growth of small and medium enterprises (SMEs).

This collaboration marks a significant step towards strengthening the relationship between financial institutions and industries, ensuring that entrepreneurs have easy access to vital resources for growth and development.

As per the agreement, SIDBI will establish a fully operational office at the CICU Focal Point Complex. The office will be staffed by a dedicated team from SIDBI, equipped with all necessary infrastructure to assist local industrialists and entrepreneurs. The primary focus will be on raising awareness about SIDBI’s various schemes, including funding, subsidies and capacity-building programmes. Additionally, SIDBI staff will provide handholding support to interested members, guiding them through the application processes and helping them unlock the full potential of SIDBI’s offerings.

Speaking on the occasion, Upkar Singh Ahuja, president of CICU, emphasised the importance of this partnership, stating, “This collaboration between CICU and SIDBI is a significant milestone for our region’s industrial sector. It will provide local entrepreneurs with the financial guidance and resources they need to grow, innovate and create more job opportunities.”