Sidbi offers cheap loans to some cos
Mumbai: The Small Industries Development Bank of India launched Sidbi Assistance to Facilitate Emergency Response Against (SAFE), a scheme through which companies can obtain up to Rs 50 lakh at an interest rate of 5%. , which has been established by the government for the promotion, financing and development of micro and small companies (MSEs), has promoted this scheme specifically for small companies that manufacture products or offer services to combat the coronavirus pandemic.
Small businesses engaged in the manufacture of hands, masks, gloves, headgear, overalls, shoe covers, goggles, and testing labs can take advantage of unsecured loans of up to Rs.50 lakh at a fixed interest rate of 5% per up to 5 years. . These are unsecured loans and can be sanctioned within 48 hours after the request and presentation of documents.
In a situation the country is going through at the moment, we feel that there is a need to immediately support and encourage SMEs that are helping the country to combat the threat, said Mohammad Mustafa, President of Sidbi. The scheme will finance the purchase of equipment, plant and machinery or raw material required for the production or provision of services. Loans will be disbursed through a digital interface and SMEs can apply for the loan online.