The Small Industries Development Bank of India - SIDBI has said that it will provide emergency working capital of up to one crore rupees to small and medium enterprises(MSMEs) against their confirmed government orders. The SIDBI Assistance to Facilitate Emergency response against Corona virus - SAFE PLUS will be offered collateral free and disbursed within 48 hours.
In a press release, SIDBI informed that the loans will be offered at an interest rate of five per cent. Meanwhile, the bank further informed that the limit of SAFE loans, announced a few days back has been enhanced from 50 lakh rupees to two crore rupees.
The scheme was launched to provide financial assistance to MSMEs engaged in manufacturing of hand sanitizers, masks, gloves, head gear, bodysuits, shoe-covers, ventilators and goggles used in dealing with COVID-19.