The company explains that the ICT entrepreneurship development programme will provide financing, loan subsidies, mentorship and training to qualified entrepreneurs and small businesses in India.
As part of the pilot programme, SIDBI will finance small ICT businesses in India which will be run by current and/or former Cisco Networking Academy students. Under the programme, SIDBI will provide loans to entrepreneurs, Cisco will subsidise the interest repayment and guarantee fees on the loans and TREC-STEP will provide customised training and mentoring to participants in the pilot.
Developed as part of the $1 million commitment made by Cisco in 2006 to promote microfinance and ICT entrepreneurship across the world, the new entrepreneurship pilot programme will initially involve ten ICT businesses in Tamil Nadu.
Commenting on the programme, Amy Christen, vice president and general manager, Cisco Networking Academy, said, "We are delighted to collaborate with SIDBI and TREC-STEP to develop a scalable model aimed at creating technology-related businesses that promote economic development in India. This programme will encourage a new generation of entrepreneurs who will build innovative technology solutions and create the business models of the future." |
