Google announced $15 million debt capital to support Indian MSMEs in partnership with SIDBI. The program will target microenterprises having turnover up to Rs 5 crore to provide loan sizes ranging between Rs 25 lakh to Rs 1 crore.
Eligible firms can use the loan to finance purchases of new equipment and machinery, scaling their production infrastructure and fulfilling their working capital needs.
The program will prioritize women-owned businesses and those that are engaged in production of equipment for the country’s fight against the pandemic.
The multinational tech company had already committed to invest $10 billion in India over the course of five to seven years.