The Small Industries Development Bank of India (SIDBI) in collaboration with Foreign, Commonwealth & Development Office, United Kingdom (FCDO UK) has launched the Swavalamban Challenge Fund (SCF) to promote entrepreneurship.
- The SCF along with its digital portal (https://scf.udyamimitra.in) was launched by Secretary, Ministryof Micro, Small & Medium Enterprises (M/o MSME) Bidyut Bihari Swain in the presence of Devendra Kumar Singh, Development Commissioner of MSME, Sivasubramanian Ramann, Chairman and Managing Director (CMD) of SIDBI, along with senior official of FCDO UK.
What is SCF?
Under this, financial support will be provided for specific purposes by creating competition among organisations. This SCF will be of great support for the ideas that need to be scaled up but lagging behind due to funds issues.
- Eligible entities can submit their proposals on six themes of livelihood, women empowerment, financial literacy, responsible business etc.
i.Pilot Category– Applicants can apply with their proposal to pilot their innovative ideas
ii.Scale-up Category– Applicants can apply to scale up their already ongoing or completed projects.
The total outlay of fund will depend on the number of proposals selected in various themes.
i.For Pilot Category- up to Rs 20 lakh
ii.Scale-up Category- up to Rs 35 lakh
i.Project period shall be more than 6 months and up to 2 years.
ii.Non-profit organizations, educational institutions, social startups which focus on sustainable livelihood, financial inclusion, and access to financial services besides promoting the culture of entrepreneurship.
Recent Related News:
On World Micro, Small and Medium Enterprises (MSME) Day (June 27, 2021), SIDBI has rolled out multiple measures to support COVID-19 hit MSMEs including Timely Working Capital Assistance to Revitalise Industries in Times of Corona Crisis (TWARIT) scheme and PRAYAAS scheme.
About Small Industries Development Bank of India (SIDBI):
It is the financial institution engaged in the promotion, financing and development of MSMEs.
Headquarters– Lucknow, Uttar Pradesh
Chairman & Managing Director (CMD)– Sivasubramanian Ramann