MSME promoters are now likely to get more relief in the debt scheme

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AHMEDABAD: The Union government is considering a change in procedures to make the Stressed Asset Guarantee Scheme (SAGP) more popular for small businesses. A senior government official said the industry was seeking changes to some of the provisions of the scheme so that more businesses could take advantage of it. About 3-4 procedural changes can be made in the scheme.

The official said the Ministry of Micro, Small and Medium Enterprises (MSMEs) would soon submit the scheme to the Financial Services Department of the Finance Ministry before implementing any changes. Announced. A credit guarantee scheme of subordinate debt was announced to start small business units under pressure. Its purpose was to support capital by investing in equities through equity.

As per the plan, the government had provided Rs 50,000 crore as subordinate debt. According to the guideline, personal loans will be given to the promoters of pressure MSMEs which will be invested in the executive unit in the form of promoter equity to increase the ratio of cash to loan equity. The promoters of these units have been given a loan facility of 15% of the promoter's share or up to Rs 2 lakh.

In addition, promoters will have to pledge 10 per cent of the loan amount while 50 per cent will get guarantee coverage under the scheme. Due to this kind of guideline, the scheme is not gaining popularity among the executives and there are very few people who are taking advantage of it.

The scheme was announced under the government's Self-Reliant India package, along with the popular Emergency Credit Linked Guarantee Scheme (ECGLS). Whose scope of work has now been extended to many Karibari areas.

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