The nation's first SEBI-registered "social impact fund", the DICCI SME Fund, was launched in Mumbai Thursday. The venture capital fund initiated by the Dalit Indian Chamber of Commerce & Industry (DICCI) aims to raise Rs 500 crore over 10 years and finance Dalit entrepreneurs to set up business. The fund was launched with an initial contribution of Rs 10 crore by the Small Industries Development Bank of India (SIDBI).
Its motto is, "We will not be job seekers, we will be job givers". It aims to create multiple kinds of social impact -- financial inclusion for SC/ST SMEs (small and medium entreprises) by providing access to equity capital markets, economic empowerment through wealth creation, and job creation for SC/ST youth. Union finance minister Mr P Chidambaram launched the initiative.
He said the fund would go a long way in "creating social equity". Admitting that the non-availability of finance is a problem for small enterprises, he said every bank branch in the country should hand-hold one SC/ST entrepreneur. "(If that happens) We will have one lakh flowers blooming in the country," Chidambaram said. He promised to ask public sector financial institutions, banks as well as LIC to invest in the DICCI SME Fund to meet its corpus requirements.
Source:TNN
Its motto is, "We will not be job seekers, we will be job givers". It aims to create multiple kinds of social impact -- financial inclusion for SC/ST SMEs (small and medium entreprises) by providing access to equity capital markets, economic empowerment through wealth creation, and job creation for SC/ST youth. Union finance minister Mr P Chidambaram launched the initiative.
He said the fund would go a long way in "creating social equity". Admitting that the non-availability of finance is a problem for small enterprises, he said every bank branch in the country should hand-hold one SC/ST entrepreneur. "(If that happens) We will have one lakh flowers blooming in the country," Chidambaram said. He promised to ask public sector financial institutions, banks as well as LIC to invest in the DICCI SME Fund to meet its corpus requirements.
Source:TNN
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