Introduces Pilot in Tamil Nadu to Provide Loans and Support to ICT Businesses

Chennai, Tamil Nadu, India,
Friday, November 21, 2008
-- (Business Wire India)

Cisco® announced that it is collaborating with Small Industries
Development Bank of India (SIDBI) and Tiruchirappalli Regional
Engineering College- Science and Technology Entrepreneurs Park
(TREC-STEP) to promote information and communications technology ICT
entrepreneurship and innovation in the country. The ICT
entrepreneurship development programme will provide financing,
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 subsidize the interest repayment and
guarantee fees on the loans and TREC-STEP will provide customized
training and mentoring to participants in the pilot.

Developed as part of the USD 1 million commitment made by Cisco in 2006
to promote microfinance and ICT entrepreneurship across the world, the
new entrepreneurship pilot program will initially involve ten ICT
businesses in Tamil Nadu. The entrepreneurs will be provided loan
assistance by SIDBI on flexible terms in order to increase the
entrepreneurs’ chances of success.

Commenting on the programme, Vice President and General Manager of the
Cisco Networking Academy, Ms. Amy Christen said, “Cisco believes that
ICT plays a vital role in the development of any society and it is
imperative that small technology businesses benefit from access to
capital. 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.”

“With job opportunities only available to approximately one-third of
India’s youth, entrepreneurship development is a critical part of the
country’s future. This partnership aims to nurture innovative thinking
in small enterprises engaged in the ICT sector and support them with
the financial resources to transform those ideas. Together with Cisco,
we believe that this programme will foster an entrepreneurial
environment that helps small businesses contribute to India’s overall
economic development,” said Deputy Managing Director, SIDBI, Mr. Rakesh
Rewari.

Expressing his confidence in the programme, Executive Director of
TREC-STEP, Mr. R.M.P. Jawahar said, “In order to nurture the spirit of
entrepreneurship, it is crucial that the right framework and support be
provided to the aspiring technology entrepreneurs. Cisco, with its rich
experience in the global ICT domain, can provide expertise and support
to build a sustainable model. The financial support from SIDBI will go
a long way in reducing the initial investment commitments of the
entrepreneurs.”

Cisco Networking Academy is an innovative education initiative that has
delivered marketable information and communication technology skills to
more than 700,000 students in more than 160 countries last year. In
India, there are over 150 Cisco Networking Academies across 22 states
and union territories. The Networking Academy program trains students
from high school to graduate level in basic as well as advanced IT
skills. The Academy takes advantage of the two great equalizers in
today’s world—education and the Internet—to teach IT skills to students
from virtually every socioeconomic background and region.

For more information on the program please log on to www.LaunchPadIndia.in , www.LaunchPadIndia.net.