Jammu, Jun 30 (KNN) Micro, Small and Medium Enterprises (MSMEs) hailed the management of Jammu and Kashmir (J&K) bank for providing instant financial support to ailing Industry, Hotels and Guest Houses under the 'J&K Bank Business Support Loan Scheme'.

The said scheme was launched by the Lt. Governor G C Murmu on June 25th to provide relief to the ailing sector of industry, hotel and guest houses of the state suffering very badly since August 5th and now due to COVID-19.

In this regard, on Monday, Bari Brahmana Industries Association (BBIA) conducted a meeting and lauded the schemes.

''It is pertinent to mention here that J&K Bank who came forwarded to provide the financial support to industrial sector under SMA 2 scheme for the working industrial units which will provide great relief to the units facing financial constraints due to disturbed conditions in our State,'' said BBIA in a statement.

''We also requested the Chairman of J&K bank to kindly provide a fresh working capital credit facility to those units who have already opted for one-time settlement and are willing to clear the dues of the Bank,'' it added.

BBIA further requested the bank to kindly resolve other industry related issues on priority basis.

On June 25, in order to  provide adequate financial support to different business communities in Jammu and Kashmir (J&K), the J&K Bank had launched two products titled 'J&K Bank Business Support Loan Scheme 2019-20' and 'J&K Bank Business Support Loan Scheme 2019-20 for Hotels and Guest Houses.

While launching the schemes, Murmu said the bank's schemes are a timely financial intervention for businesses of the region especially hotels and guest houses, which are crucial for the sustenance and development of the tourism sector. He has called for collaborative efforts by all stakeholders in this direction.

‘’The purpose of tailoring J&K Bank Business Support Loan Scheme 2019-20 for businesses is to provide them much needed financial cushion so that they can meet the temporary mismatch in their cash flows caused by the business challenges during 2019 followed by COVID-19 pandemic,’’ said R K Chhibber, CMD, J&K Bank.