New Delhi, Sep 29: To extend support to the Micro, Small and Medium Enterprises (MSMEs) sector ravaged by COVID-19, the government on Wednesday extended the Emergency Credit Line Guarantee Scheme (ECLGS) till March 31, 2022, or till guarantees for an amount of Rs 4.5 lakh crore are issued under the scheme.
The last date of disbursement under the scheme has also been extended to June 30, 2022, a Finance Ministry statement said.
The move follows various demands raised by different entities seeking the extension of the support of this scheme. “The government has been receiving demands from various industry bodies and other stakeholders to extend the scheme to ensure continued support to eligible sectors/businesses,” the ministry said.
A slew of modifications has been made in the scheme to support businesses that bore the brunt of the devastating second wave of the pandemic. Now, existing borrowers under ECLGS 1.0 and 2.0 would be eligible for additional credit support of up to 10 per cent of total credit outstanding as of February 29, 2020, or March 31, 2021, whichever is higher.
Further, businesses that have not yet availed any sort of assistance under ECLGS 1.0 or 2.0, will be eligible to avail credit support to the tune of up to 30 per cent for their credit outstanding as of March 31, 2021.
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