In a bid to cater to the growing needs of the SME segment in northern region, the SME Rating Agency of India Limited (SMERA) has announced plans to set up four offices in Punjab, Chandigarh, Uttarakhand and Jammu & Kashmir.

According to Mr. Sumeet Mehta, SMERA, Regional Manager (North), they will soon open our four offices in Ludhiana, Chandigarh, Dehradun and Jammu & Kashmir with a view to catering to the growing SME segments in these areas. The agency would cater to existing industry clusters in Punjab and new industrial units being set up in hilly areas through its new offices.

The rating agency has so far done rating of 40 SMEs and received 225 proposals in this regard from northern region comprising Punjab, Haryana, Uttrakhand, Rajasthan, Himachal Pradesh, Jammu & Kashmir and Uttar Pradesh.

Mr. Mehta told that with the growing awareness among SME segment in respect of rating by the year 2008, they would be able to complete rating of 800 SMEs in northern region alone. At national level, SMERA has done 475 ratings of SME while 950 proposals are in hand.

SMERA is a joint initiative of Small Industries Development Bank of India (SIDBI), Dun & Bradstreet Information Services, Credit Information Bureau and several leading banks of the country.

As for the benefits for companies by getting rated, a good rating ensures lower collateral requirements, low interest rate from banks and simplified lending norms for small units.