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The Government has formulated a Credit Guarantee Scheme for Startups (CGSS) with a corpus contribution of Rs 2,000 crore that will enable startups to raise loans without any collateral for their business purposes. The credit guarantee scheme will provide portfolio-based guarantees, and each portfolio will comprise at least 10 eligible startup loans during a particular financial year.
The proposed scheme provide credit guarantee up to Rs 5 crore per case inclusive of term loan, working capital or any other instrument of assistance extended by a member lending institution to finance an eligible borrower i.e. a Startup recognized by Department of Industrial Policy and Promotion (DIPP).
Key Initiatives Taken By DIPP
This MSME scheme for entrepreneurs comes with a number of benefits, including term loans and/or working capital loan facility up to INR 200 Lakh per borrowing unit.
The main norms and preconditions of the CGSS
Details of the scheme
The credit guarantee will commence from the date of payment of guarantee fee and will run through the agreed tenure of the term credit in case of term loans/composite loans and for a period of five years where working capital facilities alone are extended to borrowers, or for such period as may be specified by the guarantee trust.
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