Mumbai: GAME And SIDBI have celebrated the completion of the inaugural cohort of the NBFC Growth Accelerator Programme (NGAP), recognizing the pivotal role that smaller NBFCs play in funding MSMEs, especially nascent and micro-enterprises. NGAP Cohort 1, comprising 17 Non-Banking Financial Companies (NBFCs), was tailored to assist NBFCs in their growth phase, aiding them in understanding sector intricacies, cultivating leadership skills, and shaping future-ready organizations through tailored interventions.
The program, spanning five intense months, was meticulously crafted to elevate small NBFCs through strategic interventions, thereby facilitating and expediting the flow of institutional credit to them. It encompassed experiential learning modules covering risk management, governance, technological leverage, and staying abreast of industry trends, coupled with personalized mentorship from seasoned industry veterans. Peer-to-peer learning opportunities and knowledge sharing were also integral, along with assessments of operational and financial health for each participating NBFC.
Sivasubramanian Ramann, Chairman and Managing Director of SIDBI, emphasized that NGAP marks a significant stride in empowering NBFCs to better cater to the MSME sector. He reiterated SIDBI’s commitment to nurturing financial entities serving MSMEs by equipping them with requisite tools and knowledge for success. Ramann underscored the importance of addressing the credit needs of non-GST registered entities, emphasizing SIDBI’s efforts in formalizing such entities, with millions already registered on the Udyam Assist Platform (UAP).
Ketul Acharya, President of GAME, noted that the success of NGAP’s maiden edition aligns with GAME’s mission of fostering collaboration among key stakeholders to dismantle systemic barriers and create conducive growth environments for entrepreneurs.
Launched in October 2023, NGAP represents a pioneering initiative aimed at tackling funding hurdles faced by smaller NBFCs. With the triumphant completion of the first cohort, SIDBI, supported by GAME, aims to empower a broader spectrum of NBFCs, fostering a more resilient MSME ecosystem in India.
