New Delhi, Feb 16: According to a press statement, the PHD Chamber of Commerce and Industry signed a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) on Tuesday. The MoU has been signed to facilitate providing of various credit and other schemes of SIDBI to Micro, Small and Medium Enterprises (MSMEs) in the country, the statement said.

Sanjay Aggarwal, President, PHDCCI and Dr. S S Acharya, General Manager signed the MoU at the PHD Chamber premises.

SIDBI is an all India financial institution dedicated to provide term loans, working capital and venture funding assistance to MSMEs, and the MoU will allow the PHD Chamber in helping its members to avail all these products from the SIDBI.

“As the Chamber has established a specialized MSME Centre for providing mentoring and guidance to MSMEs, it is entering into various tie-ups with various organizations like banks, financial institutions, GeM, TReDS and others to make available the schemes of these organizations to the member MSMEs,” the statement further said.

“The MoU with SIDBI will help the members of PHD Chamber to avail all the schemes of SIDBI with comparative ease and better terms. The SIDBI also welcomed this initiative of the PHDCCI and stated that their branch network all over the country will be happy to help PHD Chamber members by providing assistance under various schemes run by SIDBI,” the statement added.