The public sector, Bank of Baroda inaugurated new `SME loan factory` in Bhubaneswar in order to meet the credit requirement of the Small and Medium Enterprises (SMEs) and enable them to face the adverse impact of economic slowdown, reports Business Standard.
This is the 33rd such centre opened by the bank in the country and the first one in the state. It will provide customised products and services to the SME customers through simplified processes in the minimum possible time.
The bank is planning to add two more such centres at Chandigarh and Vijaywada by the end of the current fiscal.
At present, the bank has an exposure of Rs 140 billion in the SME loan segment and intends to achieve an exposure of Rs 150 billion by the end March 2009.
The bank said that it has already doubled the SME credit within a period of 3 years from Rs 56 billion in 2005-06 to Rs 118 billion in 2007-08.
The bank has an exposure of Rs 2,200 million in the SME loan segment in Orissa and has already sanctioned Rs 510 million loan to the SMEs in the current fiscal. It targets to lend Rs 1000 million to this sector through the new SME loan factory during the first 3 months of operations.