MUMBAI: The Small Industries Development Bank of India (Sidbi) has launched two quick-delivery schemes to fund businesses in the micro, small and medium enterprise (MSME) segment that are helping tackle the second wave of the coronavirus pandemic.
Under the SHWAS (Sidbi assistance to Healthcare sector in War Against the Second wave of Covid) scheme, MSMEs engaged in manufacturing of oxygen cylinders, oxy-generators, oxygen concentrators, liquid oxygen or providing services in transportation, storage, refilling or supply of these items will be eligible for low-cost credit.
Under the AROG (Sidbi Assistance to MSMEs for Recovery & Organic Growth during Covid) scheme, small units engaged in manufacturing of products or providing services, which are directly related to fighting Covid, such as pulse oximeters, permitted drugs (Remdesivir, Fabiflu, Dexamethasone, Azithromycin, etc), ventilators, and PPE will get credit.
“The endeavour is to provide credit facilities to deserving MSMEs that have risen to the occasion in helping the citizens in this hour of need by keeping their activities operational and providing healthcare at all levels,” Sidbi chairman and MD S Ramann said.
Sidbi said these schemes will provide 100% funding up to an amount of Rs 2 crore to an MSME unit at an interest rate of 4.5-6% per annum, within 48 hours after receipt of documents. Borrowers can put in their applications online.
On March 25, 2020, Sidbi had launched Sidbi Assistance to Facilitate Emergency response against coronavirus (SAFE) scheme to provide financial support to all MSMEs engaged in manufacturing of any product or providing any services, which are related to fighting the coronavirus. These include hand sanitisers, masks, bodysuits, ventilators and testing labs. More than 400 MSME units producing products to fight Covid have been sanctioned financial assistance under SAFE (worth Rs 178 crore) in FY21.
Watch Oxygen supply companies to get loans from SIDBI at 4.5-6%
Under the SHWAS (Sidbi assistance to Healthcare sector in War Against the Second wave of Covid) scheme, MSMEs engaged in manufacturing of oxygen cylinders, oxy-generators, oxygen concentrators, liquid oxygen or providing services in transportation, storage, refilling or supply of these items will be eligible for low-cost credit.
Under the AROG (Sidbi Assistance to MSMEs for Recovery & Organic Growth during Covid) scheme, small units engaged in manufacturing of products or providing services, which are directly related to fighting Covid, such as pulse oximeters, permitted drugs (Remdesivir, Fabiflu, Dexamethasone, Azithromycin, etc), ventilators, and PPE will get credit.
“The endeavour is to provide credit facilities to deserving MSMEs that have risen to the occasion in helping the citizens in this hour of need by keeping their activities operational and providing healthcare at all levels,” Sidbi chairman and MD S Ramann said.
Sidbi said these schemes will provide 100% funding up to an amount of Rs 2 crore to an MSME unit at an interest rate of 4.5-6% per annum, within 48 hours after receipt of documents. Borrowers can put in their applications online.
On March 25, 2020, Sidbi had launched Sidbi Assistance to Facilitate Emergency response against coronavirus (SAFE) scheme to provide financial support to all MSMEs engaged in manufacturing of any product or providing any services, which are related to fighting the coronavirus. These include hand sanitisers, masks, bodysuits, ventilators and testing labs. More than 400 MSME units producing products to fight Covid have been sanctioned financial assistance under SAFE (worth Rs 178 crore) in FY21.
Watch Oxygen supply companies to get loans from SIDBI at 4.5-6%
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
