CII urges Goa MSMEs to apply for credit scheme – Times of India

Panaji: Appreciating the initiative taken by the state government to ease the access to funds for industries, the Confederation of Indian Industry (CII), Goa, urged Goan MSMEs to make full use of the scheme by availing loans to expand their businesses.
The CII said that faster access to loans will not only benefit industries but will also create jobs for locals.
“The lack of adequate and timely access to finance is the biggest challenge for the MSME sector and has constrained its growth,” said CII Goa chairman Anirudh Agrawal. “The MoU, if implemented effectively, will not only facilitate an increase in credit offtake in the MSME sector and reduce risk of lending institutions but will also support employment generation and reduce the regional imbalance.”
The state government signed an MoU with the Credit Guarantee Fund Trust for MSMEs to offer enhanced credit facilities to MSMEs in Goa under the Goa Credit Guarantee Scheme. The scheme will provide an increased collateral-free loan from the earlier limit of Rs 2 crore to Rs 5 crore.
“MSMEs look towards financial institutions to ease the cost of doing business, however, struggle to get the funds mainly because of their limited ability to provide security against the required finance,” said Agrawal. “While CII Goa congratulates the government for the MoU and is confident that a significant number of micro and small enterprises will benefit from it, the confederation also urges the MSMEs to make full use of this scheme.”