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Department of Industrial Policy and Promotion proposes Rs 2000 cr credit guarantee scheme for entrepreneurs

The commerce and industry ministry on Monday said it has proposed a Rs 2,000 crore credit guarantee scheme for startups to help them access funds.

For the scheme, a corpus contribution of “Rs 2,000 crore is proposed keeping in mind the challenges faced by startups in accessing funds,” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

The proposed scheme, she said, will provide credit guarantee of up to Rs 500 lakh per case inclusive of term loan, working capital or any other instrument of assistance extended by member lending institutions to finance an eligible startup recognized by the Department of Industrial Policy and Promotion (DIPP).

The commerce and industry ministry on Monday said it has proposed a Rs 2,000 crore credit guarantee scheme for startups to help them access funds.

For the scheme, a corpus contribution of “Rs 2,000 crore is proposed keeping in mind the challenges faced by startups in accessing funds,” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

The proposed scheme, she said, will provide credit guarantee of up to Rs 500 lakh per case inclusive of term loan, working capital or any other instrument of assistance extended by member lending institutions to finance an eligible startup recognized by the Department of Industrial Policy and Promotion (DIPP).

Source: www.firstpost.com

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