Give collateral-free loans to MSMEs, Collectors told

Give collateral-free loans to MSMEs, Collectors told

Chief Secretary Somesh Kumar has directed the District Collectors to take steps to extend collateral-free loans to micro, small and medium enterprises under the Guaranteed Emergency Credit Line.

The officials had been directed to achieve 100% target in the process. The Chief Secretary held a video conference with District Collectors and bankers on Atmanirbhar Abhiyan package for MSMEs on Thursday.

He instructed the Collectors to hold review meetings with district managers of the Industries department and lead banks on a regular basis on extending loans to MSMEs. This would help reach out to beneficiaries to the maximum extent.

The Collectors should pay more attention in view of the fact that the scheme would end after the threshold limits were reached. At the same time, no state-wise limits had been fixed.

Bankers on their part should furnish the list of eligible MSMEs under the credit guarantee scheme for subordinate debt. On the enumeration of street vendors, the Collectors should complete 100% enrolment of street vendors so that bank linkage could be extended and steps should be taken to nominate an official as in-charge for every street in this regard.

Bankers should issue necessary instructions to resolve problems faced at the branch level while steps should be taken to extend credit to beneficiaries as per the targets set for banks and their branches.

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