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Google on Thursday joined hands with the Small Industries Development Bank of India (SIDBI) to launch a $15 million (about Rs 110 crore) financial assistance program, enabling micro-enterprises to avail of loans of Rs 25 lakh to Rs 1 crore at competitive interest rates.

The program aims to fulfill the credit needs of Indian micro-enterprises, helping them make investments in their business operations, such as purchasing new machinery and equipment, production infrastructure, and working capital requirements, – Google said in a statement.

“This also marks SIDBI’s launch of a paperless journey to its customers from onboarding to the disbursal stage,” said Sivasubramanian Ramanan, Chairman and Managing Director, SIDBI on the sidelines of the seventh edition of the ‘Google For India’ virtual event.

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The program will prioritize women-owned businesses and those engaged in the production of equipment for the country’s fight against the pandemic.

“Collaborations between the government and industries will go a long way in reinforcing India’s and Prime Minister Narendra Modi’s ‘Atmanirbhar Bharat’ mission. To achieve this, we must focus on skilling, talent development, and the capabilities India needs to become a significant digital economy player globally,” said Union Minister of State for IT Rajeev Chandrasekhar at the event.

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