Responding to the need to fight the COVID-19 pandemic, the Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of micro and small enterprises (MSEs) across the country, has launched the SIDBI Assistance to Facilitate Emergency response against coronavirus (SAFE) scheme.
The financial assistance programme is for MSEs engaged in the manufacturing of products or offering services related to fighting the novel coronavirus.Responding to the need to fight the COVID-19 pandemic, the Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of micro and small enterprises (MSEs) across the country, has launched the SIDBI Assistance to Facilitate Emergency response against coronavirus (SAFE) scheme.#
MSEs engaged in manufacturing of hand sanitizers, masks, gloves, head gear, body suits, shoe covers, ventilators and goggles etc. can avail of loans up to ₹50 lakh at a fixed interest rate of 5 per cent for a maximum loan repayment tenure of five years. These are collateral free loans and may be sanctioned within 48 hours of applying and submission of documents, SIDBI said in a statement.
The special scheme will help MSEs acquire equipment, plant, machinery and other assets, including raw materials required for production or delivery of services. It will also help meet additional emergencies to ramp-up supplies of these essential products.
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