How to Apply for SIDBI Smile Scheme

The government of India also created the Make in India Loan For Enterprises (SMILE) programme. The scheme aims to advance the Government of India’s Make in India effort by assisting MSMEs in participating in it. Under the ‘Make in India’ programme, the focus will be on twenty-five specified areas, with a concentration on financing small businesses in the MSME sector. For the 25 chosen industries, the SMILE plan provides a timely and adequate cash supply. We’ll take a closer look at the SIDBI Make in India Loan For Enterprises (SMILE) in this article.

The Scheme’s Objective

• SIDBI’s Make in India Loan For Enterprises (SMILE) scheme aims to assist new and current MSMEs in acquiring growth prospects.

• This major new national programme aims to help MSMEs foster innovation, investment, intellectual property protection, skill development, and the development of best-in-class manufacturing infrastructure by providing financial assistance to meet the required debt-equity ratio for the formation of a business.

Sectors of Interest

Under the Make in India programme, SIDBI Make in India Loan For Enterprises (SMILE) is providing financial assistance to the following 25 identified sectors.

• Automobiles and Automobile Components are two types of automobiles.
• Chemicals and Aviation Biotechnology
• BPM and Constructions It
• Electrical and electronic equipment and systems
• Defence Manufacturing
• Food Preparation
• Mining and Leather
• Entertainment & Media
• Gas & Oil
• Pharmaceuticals
• Rail, Ports, and Shipping
• Energy from renewable sources
• Highways & Roads
• Thermal Power and Space
• Textiles and Clothing
• Hospitality & Tourism
• Sectors of Health and Wellness

Entities that Qualify

The following businesses are eligible for the SIDBI to Make in India Loan For Enterprises (SMILE):

• The MSME Act of 2006 applies to all MSMEs.

• The emphasis is on funding smaller businesses within the MSME sector, as well as new businesses in the manufacturing and service industries.

• Existing businesses are expanding, modernising, upgrading their technology, and conducting other projects to help them grow.

• Loans from the SIDBI Make in India Loan For Enterprises (SMILE) programme cannot be utilised to repay previous loans.

• Concentrate on all twenty-five selected sectors. In addition, to aid MSMEs in other industries, worthy proposals from any industry might be supported on merits.

Documentation is required.

The following is the documentation required for the SIDBI Make in India Loan For Enterprises (SMILE) scheme:

• Passport, driver’s licence, voter’s ID card, PAN card, and signature identification from the proprietor’s, partner’s, or director’s current bankers.

• Proof of address: Recent phone bills, property tax receipts, electricity bills, Proprietor’s Voter ID Card, Director’s Partner’s Voter ID Card (if a company)

• Proof of business address — As per SIDBI’s Non-Individual KYC application form

Company and Partnership Memorandum and Articles of Association (MOA)