CII urges industry to benefit from its online SMEs Finance Facilitation Centre

Ludhiana, July 5, 2016: Confederation of Indian Industry (CII) organised a session to make members of the local industry aware about its online SME Finance Facilitation Centre (CII FFC), here on Tuesday.
Briefing members about the initiative, Sandeep Jain, Chairman, CII Punjab State Council and Executive Director, Monte Carlo Fashions Limited, said, “The SME Finance Facilitation Centre has been providing advisory and credit facilitation support for SMEs. It is operating as a one-stop shop to address all credit related requirements wherein SMEs can access credit facilitation on the click of a button. The SME Finance Facilitation Centre has processed credit proposals of more than Rs 550 crore till now.”
“Apart from addressing financing needs, CII FFC has also initiated an online Academy to educate SMEs on Financial Management, Credit Rating, Costing, Project Management etc. The Centre has also been providing its inputs to RBI Standing Advisory Committee (SAC) on SME Financing,” he added.
Complimenting CII on this initiative, Kamal Jit Chaudhary, Chief Commissioner & Principal Commissioner – Central Excise & Service Tax Commissionerate, Ludhiana, said, “Emerging circumstances demand a paradigm shift in Indian MSMEs approach to business. Keeping in view the growth opportunities, and the attendant business risks, our enterprises need to grow into larger enterprises, obtain scale and gain a larger share of global markets in their respective domains. While most MSMEs have demonstrated a keen desire to grow, they would need handholding to engage successfully in international markets as well as address growing domestic demand for high quality goods and services.
Hence, CII should propagate the facilities provided by CII Finance Facilitation Centre and its importance in the SME sector and also sensitise Industry about the working of this Centre.
Tanu Kashyap, Director – Industries and Commerce, Government of Punjab, the guest of honour on the occasion, briefed the Industry that the state government has set up SME facilitation Council for facilitating the payment settlement claims of local small scale sector. The SME Facilitation Council has so far settled claims worth Rs 95 crore.
Highlighting the priority accorded by the state government for development of the small scale industry, Kashyap said the MSME sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades, which contributes to the annual GDP, exports and employment. MSME’s contribute 8% in GDP, 45% of manufactured output, 40% of exports and manufactures over 6000 products, she added.
Over 10 senior officials from various banks interacted & briefed more than 60 local Industry members on various credit schemes & funding options offered by them under the CII SME Finance Facilitation Centre. A brochure highlighting the key services and schemes offered under the online facility was also unveiled at the inaugural by the dignitaries.