CICU and SIDBI join forces to boost industrial growth with new partnership

Ludhiana, February 22, 2025: In a major boost for the industrial sector, the Chamber of Industrial & Commercial Undertakings (CICU) has signed a Memorandum of Understanding (MOU) with the Small Industries Development Bank of India (SIDBI) to open a dedicated SIDBI nodal office at the CICU Focal Point Complex in Ludhiana. This new initiative is set to create a vibrant platform for businesses to engage with SIDBI’s range of financial schemes and support services aimed at boosting the growth of small and medium enterprises (SMEs).

The MOU was signed in the presence of Balbir Singh, General Manager, SIDBI, between Sh. Rajan Gupta, Deputy General Manager, SIDBI, and Sh. Upkar Singh Ahuja, President, CICU. This collaboration marks a significant step toward strengthening the relationship between financial institutions and industries, ensuring that entrepreneurs have easy access to vital resources for growth and development.

As per the agreement, SIDBI will establish a fully operational office at the CICU Focal Point Complex. The office will be staffed by a dedicated team from SIDBI, equipped with all necessary infrastructure to assist local industrialists and entrepreneurs. The primary focus will be on raising awareness about SIDBI’s various schemes, including funding, subsidies, and capacity-building programs. Additionally, SIDBI staff will provide handholding support to interested members, guiding them through the application processes and helping them unlock the full potential of SIDBI’s offerings.

The inauguration of this new office will serve as a one-stop solution for businesses seeking financial guidance, enabling them to gain easier access to SIDBI’s resources. The partnership aims to drive the industrial development of the region and further establish Ludhiana as a hub for small and medium industries.

During this momentous occasion, several prominent industrialists attended the signing ceremony, including Honey Sethi, General Secretary of CICU, Dr. S.B. Singh, Joint Secretary of CICU, Ajay Bharti, Finance Secretary of CICU, Jagbir Singh Sokhi, Inderjeet Singh Sohal, Roopak Sood, Anil Bedi, S.S. Ahuja, and Rajiv Mangal, all of whom expressed strong support for this collaboration.

Speaking on the occasion, Upkar Singh Ahuja, President of CICU, emphasized the importance of this partnership, stating, “This collaboration between CICU and SIDBI is a significant milestone for our region’s industrial sector. It will provide local entrepreneurs with the financial guidance and resources they need to grow, innovate, and create more job opportunities.”

Rajan Gupta, Deputy General Manager of SIDBI, added, “We are excited to partner with CICU and set up this nodal office. SIDBI is committed to supporting the growth of SMEs in India, and through this initiative, we hope to make our services more accessible to the industries in Ludhiana, helping them expand and thrive.”

This initiative aligns with SIDBI's commitment to providing financial support to MSMEs, which are the backbone of the Indian economy. By offering easier access to funding and business development services, this collaboration is expected to provide a major boost to the industrial sector in Ludhiana and beyond.