Delhi government and CGTMSE joined hands for the scheme.
State Bureau, New Delhi. Now loans up to Rs 10 crore will be available without any guarantee for doing business in Delhi. For this, Delhi Government has entered into an agreement with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
This will remove capital related problems of small businessmen. They will no longer be required to provide any kind of guarantee or property documents to take a loan from the bank.
The Memorandum of Understanding (MoU) was signed at a program organized in the presence of Chief Minister Rekha Gupta at the Delhi Secretariat. The Chief Minister said that a large number of youth in Delhi want to start their own startup, but earlier they were not able to get financial assistance. Now this problem will go away. As business grows, new employment opportunities will also be created.
Under the Delhi Credit Guarantee Scheme, when an entrepreneur takes a loan from the bank, 75 to 90 percent of it will be guaranteed by CGTMSE and 5 to 20 percent will be guaranteed by the Delhi Government. Thus, 95 percent of the loan given by the bank will be guaranteed by the government. The risk of banks will reduce to only 5 percent.
The scheme covers businesses from various sectors including manufacturing, services, retail, education and training institutions. The government has created a special fund of Rs 50 crore for this. With this, banks will be able to disburse loans up to approximately Rs 2,500 crore.
Initially the target of giving loans to one lakh people
The amount of this fund will be increased as per requirement. Under the scheme, a loan of up to Rs 100 crore will be possible with an investment of Rs 2 crore. Also, a non-performing asset (NPA) limit of 10 percent has been fixed, so that the financial risk on the government is limited. Initially, a target has been set to provide benefits of this scheme to one lakh people, but there is no restriction or upper limit for the number of beneficiaries.
Any small businessman of Delhi who fulfills the conditions of the scheme will be provided loan on the guarantee of Delhi Government. Special assistance will be given to women entrepreneurs. Many officials including Delhi Industries Minister Manjinder Singh Sirsa were present on this occasion.
Also read- Children's future should not become a victim of parents' fight, Delhi HC upheld the decision of custody to the father.
Chyawanprash is a part of every Indian's life, it reduces diseases and increases energy.