Mumbai: Tata Capital, the financial services arm of the Tata Group, signed a Memorandum of Understanding (MoU) with Confederation of Indian Industry (CII) to partner with them in the SME Finance Facilitation Centre initiative. The initiative has been launched to facilitate easier credit access to Small and Medium Enterprises. This partnership will facilitate the distribution of Tata Capital’s SME Loan products through CII to its registered SME members.
Under the MoU, a framework of cooperation between CII and Tata Capital will be developed under which Tata Capital will be empanelled as a ‘Partnering Institution’ for the SME Finance Facilitation Centre. This which will facilitate easy access to finance and credit for registered SME members of CII and provide advisory and credit facilitation support as well. Tata Capital’s Corporate Finance Division will be offering its entire suite of products to CII’s SME members.
Speaking on the partnership, Mr. Pradeep Bandivadekar, Chief Operating Officer – Corporate Finance Division, Tata Capital said “The partnership with CII signifies Tata Capital’s strategic focus on the SME sector. SMEs are an important pillar of the Indian economy, contributing 38% of national GDP. We, at Tata Capital are determined to play a significant role in supporting the growth of the sector by extending our vast array of products which cater to the specific needs of the SMEs. Tata Capital and CII will also benefit from synergies due to their respective qualities of trust and innovation”
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