SAFE Scheme: SIDBI provides working capital of Rs 1 crore to MSME
On April 8, 2020, the Small Industries Development Bank of India announced that it will provide emergency working capital of Rs 1 crore to small and medium enterprises.
SAFE Scheme
The SIDBI launched SAFE scheme on March 26, 2020. The SAFE scheme is SIDBI Assistance to Facilitate Emergency Response against Corona Virus. It is financial assistance programme for small and medium enterprises that are engaged in manufacturing. Under the scheme, the MSEs that are involved in manufacturing masks, hand sanitizers, head gears, gloves, body suits, ventilators, shoe-covers and goggles shall avail loan up to Rs 50 lakhs. This will help in addressing shortage issues of Personal Protective Equipment (PPE) in the country.
About the new initiative
Under the scheme, the SIDBI is to provide emergency working capital up to Rs 1 crore. This is being done as SAFE Plus initiative. The initiative is offered collateral free and will be disbursed in 48 hours.
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Month: Current Affairs - April, 2020