Professionals like doctors, lawyers brought under govt’s credit guarantee scheme for MSMEs

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Professionals including doctors and lawyers who have taken loan for their business needs will now be eligible for credit under the special credit guarantee scheme for medium and small enterprises.

The government on Saturday expanded the scope of the scheme to include “individual loans given for business purposes” within the ambit of Emergency Credit Line Guarantee Scheme.

Upper ceiling of the loans outstanding under the scheme announced by finance minister Nirmala Sitharaman as part of the Atam Nirbhar Bharat package is being raised to Rs 50 crore from Rs 25 crore now.

Annual turnover ceiling has been raised to Rs 250 crore from Rs 100 crore in line with new definition of MSMEs

As much as Rs 1.36 lakh crore has been sanctioned under the scheme so far out of which Rs 87,227 crore has been disbursed, Debashish Panda, secretary, department of financial services said.

These changes are likely to expand the ambit of ECLGS to make an additional Rs one lakh crore eligible under the scheme, Sitharaman told reporters.

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Tagged atam nirbhar bharat, business needs, finance minister nirmala sitharaman, MSMEs, special credit guarantee scheme

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