Avail loans for restarting economic activity

Syllad | The Rising MeghalayaJuly 7, 2020

The Deputy Commissioner, East Jaintia Hills District inform the general public that the Government of India has funded upto INR 3 lakh crore through introduction of Emergency Credit Line Guarantee Scheme(ECLGS) to eligible MSMEs and interested MUDRA borrowers who have been impacted by the lockdown on account of COVID-19.

He said that the scheme provides 100% guarantee coverage by National Credit Guarantee Trustee Company Ltd (NCGTC) to eligible member lending institutions for providing Guaranteed Emergency Credit Line (GECL) facility which may be upto 20% of the outstanding of eligible borrowers as on 29.2.2020.

He also mentioned that the objective of this initiative is to infuse additional liquidity to the entrepreneurs to help them restart economic activity.

However, the Ministry of Finance has intimated the State Government that out of the 7,947 eligible loan accounts under the scheme, so far only 2198 accounts have been sanction, out of which only 1,178 disbursed.

The Deputy Commissioner also informed that all the eligible borrower in the District can avail the GECL facility.