SIDBI to provide emergency working capital up to Rs 1 crore to MSMEs

SIDBI has offered an emergency credit facility of up to Rs 1 crore to the MSMEs that are involved in making essential items like sanitizer and masks. 

Created On: Apr 8, 2020 11:07 IST
SIDBI
SIDBI

The Small Industries Development Bank of India (SIDBI) said on April 7, 2020 that it will provide emergency working capital up to Rs 1 crore to the small and medium enterprises(MSMEs) against their confirmed government orders. 

The offered loan - SIDBI Assistance to Facilitate Emergency response against Coronavirus (SAFE PLUS)-will be collateral-free and it will be disbursed to the MSMEs within 48 hours.

SAFE PLUS scheme: Objective

The scheme was launched to provide financial assistance to MSMEs that are involved in making essential items including masks, sanitizers, gloves, head gear, shoe covers, goggles, bodysuits and ventilators that are significant to combat COVID-19 pandemic. 

SAFE PLUS scheme: Key Highlights

• The SAFE PLUS loan will be offered to the MSMEs as an emergency funding in the wake of the lockdown due to coronavirus outbreak. 

• The loans will be provided at an interest rate of five percent. 

• SIDBI further informed that the limit of SAFE loans has been enhanced from Rs 50 lakh to Rs 2 crore.

• The limit has been enhanced for those MSMEs that are eligible under the respective state government's special policy package for interest subsidy, subvention or capital subsidy.

• It has been done to assist them to execute government orders without any capital crunch during the crisis time. 
 
Besides this, SIDBI has opened an additional financial window for the healthcare sector of India under its flagship scheme called SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises (Smile).

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

4 + 7 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all