SIDBI Announces Additional package for MSMEs
News Desk, News Nation 360 : Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs), has announced a slew of additional support measures for MSMEs to strengthen the fight against coronavirus. Mohammad Mustafa, IAS, Chairman and Managing Director of SIDBI said that being responsive is the call of the hour and SIDBI shall continue making proactive efforts
in strengthening the enterprise ecosystem. They can assure MSMEs that through the ease of access to finance, they will isolate COVID-19 and strengthen the nation’s resolve. A new product SAFE (SIDBI Assistance to Facilitate Emergency response against coronavirus)Plus has been introduced to provide emergency working capital against confirmed government orders, under which revolving working capital term loans shall be provided up to Rs.100 lakh. The loans will be without collateral properties and will be delivered within 48 hours. In another major initiative, the limit of SAFE (SIDBI Assistance to Facilitate Emergency response against coronavirus) loans which were launched a few days back, has been enhanced from Rs.50 lakh to Rs.2 crore for executing government orders by those MSMEs which are eligible under the respective State Government’s special policy package for interest subsidy/subvention or capital subsidy. The list of products eligible for financing under SAFEand SAFE PLUS has been expanded from 21 products earlier to all medical products being procured by the respective State Government under the fight against COVID-19. SIDBI has also opened an additional financial window for healthcare sector under its flagship scheme called SMILE (SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises).
This additional package is only to fight against Coronavirus
Pic : Courtesy
Report : Anustup Kundu