Tamil Nadu govt allots Rs 100 cr under state credit guarantee scheme for MSMEs

Chennai, Mar 17 (KNN) The Tamil Nadu government has announced a package of Rs 100 crore under its Tamil Nadu Credit Guarantee Scheme (TNCGS) to help the MSMEs. 

For loan amount of Rs 40 lakh the guarantee is set against 90 per cent and for loan up to Rs 2 crore the guarantee is 80 per cent.

Tamil Nadu MSME department and Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) will jointly implement this scheme within a time frame of six months. 

To ensure the transparency is maintained the scheme will be completely made online and a website will be developed for that purpose. 

Chief Minster Stalin also inaugurated coconut coir manufacturing plant in Boodhanur in Thanjavur district which is expected to provide employment to 200 persons both directly and indirectly.

The expert committee formed for the revival of MSMEs post COVID-19 pandemic submitted a report to CM Stalin which includes solutions and recommendations.

The suggestions are proposed after holding several meetings with stakeholders such as  associations, government officials, bank officials, finance companies etc.  (KNN Bureau)