NEW DELHI: The Small Industries Development Bank of India (Sidbi) has launched two quick-delivery schemes to fund businesses in the micro, small and medium enterprise (MSME) segment that are helping combat the second wave of the Covid-19 pandemic.
These schemes envisage 100 per cent funding up to an amount of Rs 2 crore to a MSME unit at an interest rate of 4.5-6 per cent per annum, within 48 hours after receipt of all the documents or information. Borrowers can put in their applications online.
The principal financial institution engaged in the promotion, financing and development of MSMEs has launched SHWAS (SIDBI assistance to Healthcare sector in War Against Second wave of Covid) and AROG (SIDBI Assistance to MSMEs for Recovery & Organic Growth during Covid).
Under the SHWAS scheme, MSMEs engaged in manufacturing of oxygen cylinders, oxy-generators, oxygen concentrators, liquid oxygen or providing services in transportation, storage, refilling or supply of these items will be eligible for low-cost credit.
Under the AROG scheme, small units engaged in manufacturing of products or providing services, which are related to fighting Covid, such as pulse oximeters, permitted drugs (Remdesivir, Fabiflu, Azithromycin, etc), ventilators, and PPE will get credit.
“The endeavour is to provide credit facilities to deserving MSMEs that have risen to the occasion in helping the citizens in this hour of need by keeping their activities operational and providing healthcare at all levels,” Sidbi chairman and MD S Ramann said.