Sidbi sets up Swavalamban Crisis Responsive Fund to facilitate free onboarding of MSMEs on TReDS platform

The Small Industries Development Bank of India (SIDBI) has set up ‘Swavalamban Crisis Responsive Fund’ to support free onboarding for micro, small and medium enterprises (MSMEs) on trade receivables discounting system (TReDS).
The initiative aims to offer relief to the MSMEs from severely crunched cash flow, during these challenging times.
The free onboarding of MSMEs would be available till September 2000.
It is an open-ended fund with the target to onboard 10,000 MSMEs during this period.
Usually, an MSME has to pay a fee of Rs 5,000 to Rs 10,000 for getting registered on a TReDS platform.
Three TReDS platforms namely Receivables Exchange of India Ltd (RXIL), M1xchange and Invoicemart will help MSMEs to gain access to working capital through invoice discounting via multiple financiers.