Cisco program to aid Indian SBs

BANGALORE, INDIA: Cisco today announced that it is collaborating with Small Industries Development Bank of India (SIDBI) and Tiruchirappalli Regional Engineering College - Science and Technology Entrepreneurs Park (TREC-STEP) to promote information and communications technology ICT entrepreneurship and innovation in the country. The ICT entrepreneurship development programme will provide financing, loan subsidies, mentorship and training to qualified entrepreneurs and small businesses in India.

As part of the pilot programme, SIDBI will finance small ICT businesses in India which will be run by current and/or former Cisco Networking Academy students. Under the programme, SIDBI will provide loans to entrepreneurs, Cisco will subsidize the interest repayment and guarantee fees on the loans and TREC-STEP will provide customized training and mentoring to participants in the pilot.

Developed as part of the USD one million commitment made by Cisco in 2006 to promote microfinance and ICT entrepreneurship across the world, the new entrepreneurship pilot program will initially involve ten ICT businesses in Tamil Nadu. The entrepreneurs will be provided loan assistance by SIDBI on flexible terms in order to increase the entrepreneurs' chances of success.

Commenting on the programme, vice president and general manager of the Cisco Networking Academy, Amy Christen said, "Cisco believes that ICT plays a vital role in the development of any society and it is imperative that small technology businesses benefit from access to capital. We are delighted to collaborate with SIDBI and TREC-STEP to develop a scalable model aimed at creating technology-related businesses that promote economic development in India. This programme will encourage a new generation of entrepreneurs who will build innovative technology solutions and create the business models of the future."

"With job opportunities only available to approximately one-third of India's youth, entrepreneurship development is a critical part of the country's future. This partnership aims to nurture innovative thinking in small enterprises engaged in the ICT sector and support them with the financial resources to transform those ideas. Together with Cisco, we believe that this programme will foster an entrepreneurial environment that helps small businesses contribute to India's overall economic development," said SIDBI deputy managing director, Rakesh Rewari.