The Small Industries Development Bank of India (SIDBI) has unveiled the report of the impact assessment of the Fund of Funds for Startups (FFS), a key component of the startups.
About Fund of Funds for Startups (FFS) Scheme:
- FFS is a flagship programme of DPIIT (Department for Promotion of Industry and Internal Trade) and a key component of the Startup India Action Plan launched in 2016.
- It is managed by the Small Industries Development Bank of India (SIDBI).
- It has facilitated investments in startups, particularly in emerging sectors, and has promoted diversity and inclusiveness, supporting startups beyond Tier 1 cities and women-led startups.
About SIDBI:
- The SIDBI was established under the Act of the Parliament in 1988.
- It is headquartered in Lucknow, UP.
- It aims to promote, develop and finance the MSME (Micro, Small and Medium Enterprise) sector.
Objectives:
- Focus on cleaner production and energy efficiency.
- Assist MSMEs in acquiring funds for growth and commercialization of innovative products.
- Provide various schemes and financial services to meet individual business requirements.
Functions:
- Discounts and rediscounts bills.
- Expand marketing channels for SSI products in domestic and international markets.
- Offers services like factoring and leasing to industrial concerns in the small-scale sector.
- Promotes employment-oriented industries in semi-urban areas.
- Initiates modernization and technological upgradation of current units.
- Facilitates timely flow of credit for working capital and term loans to Small Scale Industries in collaboration with commercial banks.
Ref: Source
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