The launch of a new credit guarantee scheme for the MSME sector covering loans up to Rs 100 crore will help attract more investments, promote manufacturing and boost the country's exports, exporters say.
They said that the exporting community's lack of adequate financing for capital investments has long been a challenge for MSMEs, restricting their ability to scale and compete in global markets.
On January 29, the government launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) with an aim to provide 60 per cent guarantee coverage by National Credit Guarantee Trustee Company Ltd (NCGTC) to Member Lending Institutions (MLIs) for credit facility of up to Rs 100 crore sanctioned to eligible MSMEs for purchase of equipment/machinery, the finance ministry said in a statement.
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