New Delhi: The Central government on Wednesday launched another funding scheme to help the distressed MSMEs.
The Credit Guarantee Scheme for Sub-ordinate Debt (CGSSD) which is also called “Distressed Assets Fund–Sub-ordinate Debt for MSMEs” was launched by Union Minister of MSME Nitin Gadkari.
As per the scheme, the guarantee cover worth Rs 20,000 crores will be provided to the promoters who can take loan from the banks to further invest in their stressed MSMEs as equity, according to a release of the Ministry.
Since the stressed MSMEs faced the challenge of getting capital either in the form of debt or equity, Finance Minister Nirmala Sitharaman had announced this scheme as part of Atmanirbhar Bharat package on May 13.
The scheme is expected to provide much required support to around two lakh MSMEs and help in reviving the economic activity through this sector. It will also protect the livelihood and jobs of millions of people who depend on them. Promoters of MSMEs may approach any scheduled commercial banks to avail benefit under the scheme.
The scheme will be operationalised through Credit Guarantee Fund Trust for MSEs (CGTMSE).
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