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SBI becomes venture capitalist; offers 10 lakhs interest free capital
by 24, August, 2010 0 |
State Bank of India (SBI) will offer interest-free seed capital of up to Rs 10 lakh to prospective entrepreneurs as a part of a new plan, SBI SMILE, particularly mean to promote small and medium enterprises in the country.
Initially the plan will run for one year and then the bank can increase it, if the condition demands.
BS Bhasin, chief GM, SME of the bank said, “Given the economic downturn, some entrepreneurs have not been unable to raise any capital. The scheme will provide them a platform to kick-start their businesses”.
As per the new plan, SBI will offer the seed capital and entrepreneur can also avail of a loan. Loan conditions and interest rates will be decided according to the current guidelines. The seed capital will be interest free.
Mr Bhasin said, “You can pay that amount after you’ve serviced your loan”. The bank will give a 5 year holiday on payment of the seed capital.
However other banks are not impressed. A top official of a private sector bank said, ”This is another gimmick. The bank is flush with liquidity and hence this scheme. Otherwise how would you explain that SBI has lowered the target from 29% to 25% for the current fiscal”.
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