The Small Industries Development Bank of India (SIDBI) has partnered with leading Nagpur-based banks to launch a ₹200 crore credit program aimed at supporting micro, small, and medium enterprises (MSMEs) in the Vidarbha region.

The scheme will offer collateral-free loans up to ₹50 lakh at reduced interest rates for eligible enterprises, especially those engaged in manufacturing, logistics, and digital services. Participating institutions include Bank of Maharashtra, Union Bank, and Nagpur Nagarik Sahakari Bank.

“Our goal is to ensure that lack of capital doesn’t hold back local business potential,” said SIDBI Regional Manager Shailesh Rao.

The program will also include financial literacy workshops and digital loan camps to help small business owners understand credit eligibility.

Local industry experts predict this initiative could benefit over 2,000 small businesses and generate 1,500 new jobs in the first phase. With this move, Nagpur strengthens its position as a center for SME development in central India.