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Rs. 100 crore loan guarantee? FM Nirmala Sitharaman hint to take big decision to encourage small businesses – Times Bull

Rs. 100 crore loan guarantee? FM Nirmala Sitharaman hint to take big decision to encourage small businesses

by
Nirmala Sitharaman

The Central Government of India has encouraged small business for years. Make in India project becomes successful in a short time. Entrepreneurs step into the Indian market to discover new allies of business. In the meantime, Finance Minister Nirmala Sitharaman said about some big steps to help small businesses.

Finance Minister Nirmala Sitharaman said…

The Union Finance Minister said at the National MSME Cluster Outreach Program that the Rs 100 crore loan guarantee scheme will be placed before the Cabinet soon. The scheme providing guarantee through the MSME Ministry and banks will be implemented soon after approval from the Cabinet.

She said, “For a long time, it has been a complaint that MSMEs get working capital from banks but do not get fixed term loans for plant and machinery.” Nirmala Sitharaman said that there is no need for any third party guarantee, “the government gives you guarantee power of Rs 100 crore, then public sector banks will develop a new credit evaluation model.”

Regarding Small Industries Development Bank of India (SIDBI), the Finance Minister said that SIDBI understands small businessmen. It can meet the loan needs of MSMEs. Earlier, Sitharaman chaired a meeting here to review the performance of 10 regional rural banks (RRBs) of the southern region, which covered five states Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telangana, besides the Union Territory of Puducherry. During the meeting, he urged the Regional Rural Banks to increase the loan disbursement under various flagship schemes of the Government of India like MUDRA, PM Vishwakarma in collaboration with their sponsor banks.

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