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CII Online Finance Facilitation Centre for SMEs

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  • CII Online Finance Facilitation Centre for SMEs

    Shri Kalraj Mishra, Hon’ble Minister for Micro, Small and Medium Enterprises, Government of India launched the CII Finance Facilitation Centre on 16th June 2014 in New Delhi. Mr Madhav Lal, Secretary, Ministry of MSME, Government of India was also present during the launch. Both Shri Kalraj Mishra and Mr Madhav Lal lauded the CII’s efforts in launching this center in partnership with some major Financial Institutions of the country and have expressed their belief that this center would help to bridge the financial needs of the SMEs to a great extent.

    The pressing need for setting up a support centre to ensure that the SMEs are offered credit at cost effective rates to meet their demand for working capital as well as for expansion and diversification is at its peak. Further, in our interaction with SMEs, it has been observed that the delay and other issues related to credit delivery to SMEs are primarily due to the lack of awareness / understanding about various schemes offered by banks and financial institutions as well as the procedures and documentation required for processing credit from banks. The Finance Facilitation Centre of CII will operate as a one-stop-shop that will aggregate and present the financing options from multiple number of large financial institutions. It will match the SMEs’ demands for finance with the banks / financial institutions.

    Through this Finance Facilitation Centre, SME members of CII can submit their financial requirements to the partnering banks / financial institutions of the Centre through an online interface in MyCII.in. With an experienced and dedicated secretariat of the Centre following up with the bankers on the status of the application will revert back to the applicant within 15 working days on the status of the application submitted. Once the partnering banks / financial institutions show their interest in the project the applicant would be linked with the concerned authority of the bank / financial institution to take process forward.

    The Centre will also work towards creating ‘financial literacy’ amongst the SME members of CII through roadshows. These will be held in select 10 cities across India between August – November 2014. We have also created the FFC Academy in MyCII.in, which helps in creating awareness about financial literacy amongst SMEs on areas such as Financial Management, Credit Rating, Project Management etc.

    As on date, Indian Bank, Indian Overseas Bank, Federal Bank, Muthoot Fincorp Ltd, Religare Finvest, DCB Bank, Reliance Capital and State Bank of Travancore have partnered with CII for this Centre.

    Please logon on to www.mycii.in for accessing the online SME Finance Facilitation Centre today!!!

    Members can get in touch with Mr Amit Tripathi at amit.tripathi@cii.in / 0124 – 4014060 for more details about CII SME online Finance Facilitation Centre.
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