Financials Assistance by SIDBI
Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing, and development of Micro, Small Enterprises and Medium Enterprises(MSMEs), has launched SAFE (SIDBI Assistance to Facilitate Emergency response against Corona Virus) scheme. It is a financial assistance program for MSEs which are engaged in the manufacturing of products or offers services related to fighting the novel coronavirus, which has been declared a pandemic by World health organization. The finance Assitance shall be provided at an interest rate of 5% and the loan amount to be disbursed within 48 hours.
List of Manufacturing Activity Covered
The financial assistance is provided for Ventilators, Alcohol-based hand-rub, Face shield (eye, nose & mouth protection), N95Masks, Eye protection (visor/goggles), Protective Gowns/prons, Medical masks (surgical / procedure), IV Fluid – DNS, IV Fluid – Dextrose, IV Sets, IV Cannula, ICU Beds, Cardiac monitors, Syringe pumps, Portable x-ray machines, endotracheal tube, Suction tube, Oxygen cylinders, Rubber Sheets, Latex single-use gloves clinical), Reusable vinyl/rubber gloves (cleaning), etc. The list given above is indicative and if goods fight the category of sensitive products for fighting novel coronavirus, the same will be covered.
Purpose and utilization of the loan
Maximum loan amount and loan instrument
The loan facility can be availed up to Rs. 50 lakh and in case of Government orders the loan amount may be enhanced to 2 crores. The loan can be availed in any of the two forms
Other key features of the loan