SIDBI to provide loans up to Rs 50L to MSEs manufacturing med supplies to fight COVID-19

Small Industries Development Bank of India (Sidbi) on Friday said it will provide loans up to Rs 50 lakh to micro and small enterprises (MSEs) that are manufacturing medical supplies for fighting vel Coronavirus (COVID-19).

Sidbi Assistance to Facilitate Emergency (SAFE) response against Coronavirus scheme will offer loans to MSEs at a fixed interest rate of 5 percent and with a maximum loan repayment tenure of five years.

MSEs engd in manufacturing of hand sanitizers, masks, gloves, he gear, body suits, shoe-covers, ventilators, goggles and testing labs are eligible for loans under this scheme.

“ situation in which country is going through right w, we felt that re is a need to immediately support and encour those MSEs that are helping nation fight menace,” Sidbi chairman and managing director Mohamm Mustafa, said in a statement. 

It is company's salute and support to such enterprises to be assured that we are standing with m towards national cause, he ded.

special scheme will help MSEs to acquire equipment, plant and machinery, or assets including raw materials required for production or delivery of services. It will also help meet ditional emergencies to ramp-up supplies of se essential products.

loans offered are collateral-free and will be sanctioned within 48 hours of applying and submission of documents.

MSEs can apply online for availing loans under scheme, Sidbi said.

(Im credit: Twitter)