The Small Industries Development Bank of India overlooked the creation of The Samridhi Fund for social venture capital amounting to Rs.430 crore. It focuses on providing venture capital to social enterprises that are both socially useful and financially viable. This fund is available in the states of West Bengal, Rajasthan, Jharkhand, Chhattisgarh, Odisha, Madhya Pradesh, Uttar Pradesh, and Bihar.
Features & Benefits of Samridhi Fund
The following are the various features and benefits of Samridhi Fund:
- Provides capital for growth through Convertible and Equity type funding instruments for eligible enterprises
- Capital of Rs.5 crore to Rs.25 crore is provided.
- Capital exceeding Rs.25 crore is also provided if an exceptionally strong developmental impact is predicted through the enterprise
Samridhi Fund Target Sectors
The following are the target sectors for The Samridhi Fund:
- Clean energy
- Skill building
- Affordable healthcare
- Financial inclusion (including Micro Finance Institutions)
- Agriculture and allied sectors
- Sanitation and water
Samridhi Fund Eligibility Criteria
The following are the eligibility criteria:
- Impact the poor as employees, producers, or customers
- Have social relevance
- Have economic viability
- Focus on governance, environmental, and social matters
- Provide the poor with access to markets
- Increase capital flow to the states of West Bengal, Rajasthan, Jharkhand, Chhattisgarh, Odisha, Madhya Pradesh, Uttar Pradesh, and Bihar.
- Expand operations to one or all of the following states: West Bengal, Rajasthan, Jharkhand, Chhattisgarh, Odisha, Madhya Pradesh, Uttar Pradesh, and Bihar.
Documents Required for Samridhi Fund
A detailed information memorandum that contains the following data:
- Background of investors
- Background of promoters
- Background of company
- Financial projections
- Past financials
- Business plan