"The establishment of the Small Farmers Agri-Business Consortium (SFAC) in 1994 was a sequel to the Finance Minister's 1992-93 Budget Speech including Government of India's intention to set up an autonomous body for the promotion and development of small farmers' agri-business activities. Such a body would be funded by institutions such as the RBI, NABARD, IDBI and the like. It was much clear that the Consortium's membership would include inter-alia, various Development Banks, Public Sector Corporations, Private Sector Companies, Scientific Institutions, besides Farmers' Associations.

The SFAC was envisaged as a catalytic/facilitating agent to promote the type of activities enumerated on the principles of economic efficiency, environmental soundness and social equity, so that the country began a new chapter in its agricultural history, where farm enterprises would yield not only more quality products but also more productive jobs and higher income in rural areas.

Union Bank of India has entered into a Memorandum of Understanding [MOU] with SFAC. The status of projects financed by the Bank show a total project cost of more than 1400 crore rupees as on March 2010

The website of SFAC can be accessed at http://www.sfacindia.com/