Credit Guarantee Fund

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Credit Guarantee Fund
File Photo : Image for representational purpose only

National Credit Guarantee Trustee Company Ltd. has already been set up by the Department of Financial Services, Ministry of Finance, Government of India to function as a common trustee company to manage and operate various credit guarantee trust funds. To meet the funding needs of Startups, Government of India has established Fund of Funds for Start ups (FFS) under Start up India Programme.

Under Startup India initiative, all applications can be submitted to the Department for Promotion of Industry and Internal Trade. The incentives provided to Startups under Startup India initiative are as follows:

 

Ministry of MSME has taken several initiatives to encourage Micro, Small and Medium Enterprises. This covers the Aspirational Districts across the Country including Wayanad in Kerala. These initiatives  include the schemes/programmes such as Prime Minister’s Employment Generation Programme (PMEGP), Scheme of Fund for Regeneration of Traditional Industries (SFURTI), A Scheme for Promoting Innovation, Rural Industry and Entrepreneurship (ASPIRE), Credit Guarantee Scheme (CGTMSE), Credit linked Capital Subsidy-Technology Upgradation Scheme (CLCS-TUS), Micro & Small Enterprises- Cluster Development Programme (MSE-CDP), National Scheduled Caste and Scheduled Tribe Hub (NSSH), Procurement and Marketing Schemes (PMS) etc. National Small Industries Corporation (NSIC) under the Ministry of MSME also boost and supports Micro, Small and Medium Enterprises (MSMEs) Sector by providing integrated support services encompassing marketing, finance, technology and other services.  Till date, 1254 number of units are registered under Udyog Aadhaar Memorandum (UAM) in Wayanad District.

Collateral-free loans have been made available to MSMEs under the Credit Guarantee Scheme in Aspirational Districts including Wayanad District. Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) has approved 4299 guarantees amounting to Rs. 103.17 Crore (upto October 31, 2019) in Waynad District of Kerala since the inception of the Scheme. 

This information was given by Shri Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises in written reply to a question in Lok Sabha today.

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