The loans, which will be disbursed by SIDBI, will be offered at “competitive interest rates,” and its ticket size will range from 25 lakhs Indian rupees ($33,728) to 1 crore ($135,000).
“With today’s announcement, we believe that working with the broader ecosystem we can drive a wide-ranging positive social impact. We also hope that this will encourage more organizations to invest in public-private partnerships and further strengthen our economy,” she said. The program will prioritize women-owned businesses and those that are engaged in production of equipment for the country’s fight against the pandemic, she added. “Today, we feel proud that SIDBl’s efforts in reviving the sector are backed by a strong collaboration with Google,” said Sivasubramanian Ramann, chairman and managing director of SIDBI, at the virtual event. Google, which last year committed to invest $10 billion in India over the course of five to seven years, is the latest tech giant to explore helping disburse loans to businesses in India.