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Credit Guarantee Scheme worth Rs 20,000 cr for MSMEs launched

Thursday, 25 Jun 2020
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Union Minister of Minister for Road Transport & Highways and Micro, Small and Medium Enterprises Nitin Gadkari launched the Credit Guarantee Scheme worth Rs 20,000 crore for Micro, Small and Medium Enterprises (MSMEs).
The Credit Guarantee Scheme for sub-ordinate debt will provide Rs 20,000 crore of guarantee cover to two lakh MSMEs. 
The funding scheme will help the distressed MSME sector entail a sub-debt facility to the promoters of those operational MSMEs that are distressed or non-performing assets (NPAs). It is also called the Distressed Assets Fund - Sub-ordinate Debt for MSMEs. 
AS per the scheme, the guarantee cover worth Rs 20,000 crore will be provided to promoters who can take debt from banks to further invest in their stressed MSME units as equity. 
After completion of the necessary formalities including approval of the Cabinet Committee on Economic Affairs (CCEA) and consultation with the Finance Ministry, SIDBI and the Reserve Bank of India (RBI), the scheme was formally launched by the Union Minister in Nagpur, Maharashtra. 
The scheme seeks to extend support to the promoters of the operational MSMEs that are stressed and have become NPAs as on 30 April 2020.
The promoters of the MSMEs will be given credit equal to 15 percent of their stake (equity plus debt) or Rs 75 lakh, whichever is lower. 
The promoters will in turn infuse this amount into the MSME unit as equity and thereby enhance the liquidity and maintain debt-equity ratio. 
Of the coverage, 90 percent guarantee coverage for the sub-debt will be given under the scheme, while the remaining 10 percent will come from the promoters concerned. 
Also, there will be a moratorium of seven years on payment of principal amount, whereas maximum tenor for repayment will be 10 years. 
The scheme will be operationalised through Credit Guarantee Fund Trust for MSEs (CGTMSE).
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