SIDBI will provide Emergency Working Capital to Small & Medium Enterprises (MSMEs)

In an official announcement, the Small Industries Development Bank of India (SIDBI) has said that it will provide Emergency Working Capital to Small and Medium Enterprises (MSMEs) of Rs 1,00,00,000/-.
Highlights,
- It will be distributed within 48 hours. And, the loans will be offered at an interest rate of 5%.
- The bank also said that the limit of SAFE loans announced a few days back has been enhanced from 50 lakh rupees to two crore rupees.
- This scheme has been launched to provide financial assistance to MSMEs engaged in the manufacturing of hand sanitizers, masks, gloves, headgear, bodysuits, shoe-covers, ventilators, etc.
SIDBI,
- Small Industrial Development Bank of India (SIDBI) is a development financial institution in India that was formed on 2nd April 1990. Its headquarter is in Lucknow, Uttar Pradesh, India.
- At Present, the Chairman and Managing Director of SIDBI is Mohammad Mustafa.

Published On : 08 Apr 2020