To fight novel coronavirus Covid-19, Sidbi to provide loans up to ₹ 50 lakh to MSEs manufacturing medical supplies.
Small Industries Development Bank of India (Sidbi) will provide loans up to ₹ 50 lakh to MSEs that are manufacturing medical supplies for fight novel coronavirus (COVID-19).
Micro and small enterprises (MSEs) engaged in the manufacturing of hand sanitizers, shoe-covers, ventilators, masks, gloves, bodysuits, goggles, headgear, and testing labs are eligible for loans under this scheme.
The scheme will offer loans to MSEs with a maximum loan repayment tenure of five years and at a fixed interest rate of 5%.
Mohammad Mustafa, Sidbi chairman, and managing director said that “the situation in which the country is going through right now, we felt that there is a need to encourage and immediately support those Micro and small enterprises (MSEs) that are helping the nation fight the menace”
Mustafa also said that it is the company’s support to be assured that SIDBI is standing with such enterprises towards national cause. MSEs can apply online for availing loans under the scheme.
The special scheme will help MSEs to acquire machinery, plant, equipment, and raw materials required for the production of medical supplies or delivery of services. The scheme will also help meet additional emergencies to ramp-up supplies of these essential products.
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The loans will be sanctioned within 48 hours of applying and submission of documents and this scheme also offers collateral-free loan, Sidbi said.