Within the framework of the Credit Guarantee System (CGS) of the Center during the first quarter of the current financial year (2021-2022), loans were approved for a total amount of 53,86,739. During this period, there was a surge in the second wave of the coronavirus pandemic, which severely hit jobs and businesses, especially small ones.
According to information provided by the Ministry of Micro and Small Enterprises (CGTMSE), from April to June 2021-2022, under a scheme implemented by the Credit Guarantee Fund for Micro and Small Enterprises (CGTMSE), loans amounting to Rs 2.72,007 have been repaid. and medium-sized enterprises.
CGTMSE reported that approved guarantees for banks and non-bank financial companies (NBFCs) amounted to Rs 6,693 and Rs 6,603, respectively, during the first quarter of 2021-22. Compared to Rs 6,041 and Rs 2,934 respectively during the respective previous fiscal period (2020-2021).
All new and existing micro and small businesses that manufacture or provide services, including trading activities, are eligible for CGS coverage.