ENA MSME 2024-07-23 11:49:12 <p><span style="font-size:14px"><strong>New Delhi, Jul 23 (KNN)</strong> In her 2024 Union Budget speech, Finance Minister Nirmala Sitharaman unveiled a new initiative aimed at boosting India's Micro, Small, and Medium Enterprises (MSMEs) sector.</span></p> <p><span style="font-size:14px">The highlight of this announcement is a credit guarantee scheme designed to facilitate term loans for MSMEs.</span></p> <p><span style="font-size:14px">The scheme will feature a self-financing guarantee fund to support the initiative, offering coverage of up to Rs 100 crore for each applicant. Notably, the loan amounts may exceed this guarantee cover.</span></p> <p><span style="font-size:14px">Operating by mitigating credit risks associated with MSME lending, this move is expected to enhance financial support for small businesses, which are crucial to India's economic growth.</span></p> <p><span style="font-size:14px">Industry experts anticipate that this scheme will improve MSMEs' access to credit, potentially stimulating expansion and job creation in this vital sector.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38703 https://knnindia.co.in/news/newsdetails/msme/finance-minister-announces-new-credit-guarantee-scheme-for-msmes-in-union-budget-2024-25 2024-07-23 11:49:12 knnindia.co.in