UP govt to start online loan fair for MSME sector from tomorrow

Lucknow (Uttar Pradesh) [India], May 13 (ANI): Uttar Pradesh government will on Thursday start an online loan fair for the Micro, Small and Medium Enterprises (MSME) sector under which 36,000 business persons will get loan worth Rs 1,600 to Rs 2,000 crores, said Chief Minister Yogi Adityanath on Wednesday.
"From tomorrow, we are going to start an online loan fair for MSME sector. Around 36,000 business persons will get loan worth Rs 1,600 - Rs 2,000 crore tomorrow," Adityanath told ANI.
He further thanked Finance Minister Nirmala Sitharaman for announcing Rs 3 lakh crore loans to MSME sector and also welcomed the government's decision on Employees' Provident Fund contribution.
"I thank Finance Minister Nirmala Sitharaman for announcing Rs 3 lakh crore loans to MSME sector. Uttar Pradesh has the largest number of units linked to MSME sector. I also welcome the Finance Minister's announcement on EPF contribution," he said.
Sitharaman on Wednesday announced a series of liquidity measures for millions of small businesses reeling under the impact of COVID-19 lockdown, including collateral-free automatic loans worth Rs 3 lakh crore.

Borrowers with up to Rs 25 crore outstanding and Rs 100 crore turnover will be eligible. These loans will have a four-year tenure and have a moratorium for 12 months on principal payment.

There will be a 100 per cent credit guarantee cover to banks and non-banking finance companies on principal and interest. The scheme can be availed till October 31. (ANI)