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Harsh has come up with a innovative idea of school bags. He believes that this can bring a new way of thought in the minds of consumers with respect to school bags. He want to start the production of bags by setting up SSI in the industrial area. He should contact which financial institute for assistance in opening his innovative venture. Write the features of this financial institution.

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Harsh should contact SIDBI for financial assistance in opening his innovative venture. Features of SIDBI are: 

1. The financial assistance of SIDBI to the small scale sector is channelised through the following two routes: 

(a) Indirect Assistance 

(b) Direct Assistance 

2. It stimulate and promote the participation of private capital (Indian) in such industrial units; 

3. SIDBI has taken over there sponsibility of administering following two funds which were previously administered by IDBI i.e. 

(a) Small Industries Development Fund 

(b) Small Industries Development Assistance Fund. 

4. SIDBI’s financial assistance to SSS is primarily channelised through the existing credit delivery system consisting of commercial banks, co-operative banks, RRBs and SFCs. 

5. Refinance loans and advances extended by the primary lending institutions to small scale industrial units, along with providing them even resource support. 

6. Discounts and rediscounts bills arising from sale of machinery to or its manufacture by industrial units in the small-scale sector.

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