Google Extends Hand To Indian SMBs

Google.org, Google's philanthropic arm, is teaming up with the Soros Economic Development Fund (SEDF) and the Omidyar Network to help boost small- and medium-sized businesses in India secure funding.

The joint venture, called the Small to Medium Enterprise Investment Company for India, has initial funding of $17 million and will target the "Missing Middle" between microfinancing and commercial capitalization. The trio will provide investments of between $500,000 and $3.5 million equity investments for small and medium-sized enterprises lacking access to formal funding options.

“With this investment, we will meet the huge demand to serve smaller businesses in India that have little access to finance,” said Neal DeLaurentis, Vice President of Soros Economic Development Fund. “Long