Credit guarantee extended to larger firms, self-employed

Context:

The Centre has expanded its credit guarantee scheme for micro, small and medium enterprises (MSMEs) to cover loans given to larger firms, as well as to self-employed people and professionals who have taken loans for business purposes.

News

The Emergency Credit Line Guarantee Scheme was rolled out as part of the Centre’s Aatmanirbhar package in response to the COVID-19 crisis.
It has a corpus of 41,600 crores and provides fully guaranteed additional funding of up to 3 lakh crore.
Eligible MSMEs must have an annual turnover up to 100 crore, with outstanding loans of up to 25 crore as on February 29, 2020.

Source: TH

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