SIDBI is India's principal financial institution engaged in the promotion, financing and development of micro, small and medium enterprises
Small Industries Development Bank of India and Foreign, Commonwealth & Development Office, UK, have launched a challenge fund to allocate funds based on competition. The ‘Swavalamban Challenge Fund (SCF)’ is a support mechanism to allocate funds for specific purposes using competition among organisations, SIDBI said on Monday.
SIDBI is India’s principal financial institution engaged in the promotion, financing and development of micro, small and medium enterprises (MSMEs). Applications are invited in two categories — pilot and scale-up. In the pilot category, applicants can apply with their proposal to pilot/test/trial their innovative ideas. In the scale-up category, already ongoing/completed projects can be applied for.
The total outlay of funds will depend on the number of proposals selected in various themes. The amount can be allocated up to Rs 20 lakh for the pilot category and up to Rs 35 lakh for the scale-up category. SCF will provide financial support to non-profit organisations, educational institutions, social start-ups focussed on sustainable livelihood, financial inclusion, and access to financial services. It will promote the culture of entrepreneurship in the country, SIDBI said.
On the selected six themes of livelihood, women empowerment, financial literacy, responsible business among others, eligible entities can submit their proposal for award of funds. The window for participation is open up to August 21, 2021. SIDBI CMD Sivasubramanian Ramann said this fund can further lead to ease of independence to entrepreneurship at a time when ‘Azadi ka Amrit Mahotsav’ is going on.
This fund can give a fillip to actionable and innovative initiatives, he said. Foreign, Commonwealth & Development Office (FCDO), UK, formerly the Department for International Development (DfID), is working to solve global challenges such as poverty and disease, mass migration, insecurity and conflict within developing countries.