The West Bengal Government's Rs 200 crore venture capital fund for Micro, Small and Medium Enterprises (MSME) has so far only approved three projects.
The West Bengal Government's fund for MSME was created jointly with with the Small Industries Development Bank of India (SIDBI) about two years back.
"So, far only three projects had been approved worth Rs 20 crore," SIDBI Kolkata office GM, Kailash Chand Vaid said here today on the sidelines of Merchants' Chamber of Commerce organised interaction on MSME.
Also Read
"Out of three projects, two projects have received first round of disbursements," he said.
"The fund size is Rs 200 crore and we have committed to put Rs 100 crore in it. However, we expects more projects will be funded in the near future," Vaid said.
Bengal is number one in the MSME sector and this fund is being created to provide equity capital to start-ups with innovative business models or new products, services and technology.
The key challenges the MSME start ups face is funding and with the creation of this fund, the Bengal Government wishes to address the issue.
Disclaimer: No Business Standard Journalist was involved in creation of this content
