Chandigarh: HSIIDC signs MoU with SIDB for funding MSMEs

Chandigarh: The Board of Directors of Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has approved the signing of Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDB) for funding support to micro, small and medium enterprises (MSMEs).
A decision was taken during the 359th board meeting held here under the chairmanship of Chairman of the Board and Principal Secretary to Chief Minister, Rajesh Khullar.
Khullar said: “This initiative will provide financial support to the MSMEs for paying the price of the plot and would facilitate upfront revenue generation for HSIIDC.” Under this scheme, SIDBI has agreed to finance 75 per cent of the total plot cost subject to a maximum of six crores, he further said.
The SIDBI will make the payment directly to HSIIDC and plot would be mortgaged in favour of SIDBI. Under the MoU, HSIIDC will have to share the details of the allotters with SIDBI so that they can be contacted by SIDBI for financing the plots cost and subsequent project financing, said a press release.
He also ensures that the corporation will receive 100 per cent of the plot cost within a few months of allotment.