Small Industries Development Bank of India (SIDBI) has sanctioned ₹1,000-crore loan to Karnataka-based Shri Kshethra Dharmasthala Rural Development Project (SKDRDP) under its PRAYAAS Scheme for direct credit to micro enterprises under partnership arrangements.

SIDBI has formulated the PRAYAAS Scheme to help microfinance clients upscale / diversify their business and need assistance in the range of ₹50,000 to ₹5 lakh, commonly known as “Missing Middle Segment”.

The scheme aims to significantly improve access to finance and reduce interest rate to aspiring borrowers and help in enterprise promotion.

SIDBI Chairman & Managing Director S. Ramann, observed that SIDBI’s mission through PRAYAAS is to connect the micro segment entrepreneurs digitally and serve the ‘missing middle’ segment by making available affordable credit.

“The programme has a focus on women who we believe are the key pillars in the development of economy and in instilling entrepreneurship in the future generations.

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“Under PRAYAAS, SIDBI looks for development-centric partnerships in unserved and under-served segments for fostering the spirit of self-reliance and augmenting enterprise promotion,” he said.

A charitable trust

SKDRDP is a charitable trust promoted by Padma Vibhushan awardee and Rajya Sabha Member Veerendra Heggade.

The project concentrates on the empowerment of people by organising Self-help Groups (SHGs) on the lines of joint liability groups and provides infrastructure and finance through micro credit for the rural people. SKDRDP works as Banking Business Correspondent and Business Facilitator (BC and BF) in all the areas of its operation.

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