The Small Industries Development Bank of India (SIDBI), an apex bank for Micro, Small and Medium Enterprises (MSMEs) in the country are constantly addressing the information gap among all existing and potential entrepreneurs in the country.
"SIDBI has been consistently addressing the information asymmetry issues by ensuring availability of relevant information to MSMEs," said S Muhnot, CMD, SIDBI to SME Times.
To ensure proper information flow among MSMEs, the Finance Ministry, in association with the Small Industries Development Bank of India (SIDBI), had launched an online portal 'www.smallB.in' to support the micro, small and medium businesses to get potential information for busniess growth. The portal was introduced last year.
This is a move for imparting financial literacy to MSMEs as this will help them to grow faster, he added.
Muhnot said that the portal is at the moment providing information at the finger tips to most of the businesses. Through this portal one can access the latest information on recent developments in the fields of banking, various government policies, initiatives, incentives etc., available for the budding as well as all ready established entrepreneurs.
The portal contains several tips for startup enterprises on how to manage finance, business, approvals and clearances, innovation, marketing, etc, he added.
"The website provides potential awareness, understanding and identification and choosing of the business opportunities that exist. It gives understanding of the basics of finance and regulatory aspects. Also, help in preparation of business plan and detailed project report, assist to incorporate business in India and attends to various requirements of banks and financial institutions," Muhnot said.
"In India, we have a dynamic pool of young entrepreneurs with innovative ideas that can transcend into a successful business, but what they lack is credible and relevant information regarding various financial supports, incentives and other benefits which as a startup entrepreneur they can get from the lending institutes (Banks / FIs) and the government policies," the chairman of bank pointed out.
It has been a step forward in the right direction for helping such entrepreneurs to get relevant information, he added further.
The MSME sector contributes around 9 percent of GDP and accounts for around 45 percent of the manufacturing output at the moment. There are 3.6 crore thriving enterprises that employs over 8 crore people currently.