Loans given to MSEs based in Goa with Udyam registration will have up to 75-85 per cent guarantee coverage from CGTMSE and up to 10-20 per cent from the Goa government, taking the overall guarantee coverage to the maximum of 95 per cent of the loans provided.
Goemkarponn desk
PANAJI:
The Goa government has notified the state’s Goa Credit Guarantee Scheme (GCGS) or Mukhyamantri Saral Udyog Sahayya Yojana (MSUSY) in convergence with the existing credit guarantee scheme CGTMSE by the centre for guarantee to loans up to Rs 5 crore provided by lenders to micro and small enterprises (MSEs). Notified on January 11, 2024, the five-year scheme will enable collateral-free loans to state MSEs and reduce the risk of lenders in lending to eligible enterprises. The Goa government signed an MoU in July last year with CGTMSE to administer the GCGS.
Loans given to MSEs based in Goa with Udyam registration will have up to 75-85 per cent guarantee coverage from CGTMSE and up to 10-20 per cent from the Goa government, taking the overall guarantee coverage to the maximum of 95 per cent of the loans provided.
“The Government of Goa shall pledge the initial corpus of Rs 10 crore with CGTMSE Trust for the purpose of implementation of GCGS-MSUSY scheme in the state of Goa. Further the government by notification may extend the validity of the scheme or pledge fresh corpus for continuation of the scheme till date of validity,” the notification read.
All lending members under CGTMSE namely scheduled commercial banks, regional rural banks, small finance banks, and co-operative banks will be eligible for lending to MSEs under the scheme.
Udyam-registered MSEs including women entrepreneurs and SC-ST entrepreneurs-led units, MSEs based in aspiration districts, ZED-certified MSEs, units by person with disability (PWD) and MSEs promoted by agniveers will be eligible for the scheme.
Meanwhile, Centre’s CGTMSE recently achieved the Rs 1 lakh crore loan guarantee mark in seven months (April-October) of the current fiscal. In comparison, the scheme had approved Rs 1.04 lakh crore guarantees in the entire FY23. The number of guarantees approved last fiscal stood at 11.65 lakh.
Cumulatively, the scheme has approved a credit guarantee of Rs 5 lakh crore backing 76 lakh MSEs, the MSME Ministry had posted on X in October last year. CGTMSE was set up in July 2000 with an initial outlay of Rs 2,500 crore which was increased to Rs 7,500 crore with an additional Rs 5,000 crore contributed by the government of India later.
