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SMILE is designed to provide MSMEs with quasi-equity through soft loans and long-tenure term loans, making viable projects bankable. It focuses on new enterprises and expansion/modernisation of existing ones in priority sectors.
Key features
- Soft loan component to meet promoter contribution gaps
- Term loan for capex and related expenses
- Long tenures with suitable moratorium
- Targeted at Make in India priority sectors
Eligibility
- New and existing MSMEs in manufacturing and eligible services sectors
Benefits
- Improved project bankability
- Lower effective promoter contribution
- Long repayment tenures
Required documents
- ✓DPR
- ✓Promoter KYC
- ✓GST, ITR, bank statements
- ✓Collateral documents (where applicable)
Application process
- 1Eligibility and sizingConfirm sector and quantum with SIDBI.
- 2DPRBank-ready DPR.
- 3FilingApplication filed with SIDBI.
- 4Sanction and disbursementTerm and soft loan disbursed.
FAQs
A soft loan carries concessional interest and tenure, typically used to bridge promoter contribution. A term loan is the main capex loan.
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