Govt mulls credit guarantee scheme for loans for payment of wages by MSMEs

As half of a stimulus bundle for the coronavirus-hit financial system, the government is engaged on a credit guarantee scheme to allow banks to supply further 10-15 per cent working capital to MSMEs for payment of wages, sources stated.
Currently, banks are providing an additional line of credit of 10 per cent based mostly on working capital limits, which the federal government intends to extend additional.

Since items are closed attributable to lockdown and there was no operation for the previous two months, most micro, small and medium enterprises (MSMEs) don’t have cash for paying wages and monetary help for them is into consideration of the federal government, the sources stated.

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