The MSME industry has been badly affected because of the pandemic. The Kerala government on Friday started an online portal for speedy and transparent delivery of grants, including interest subsidy for the revival of Micro Small and Medium Enterprises, hit badly by the economic downturn triggered by the COVID-19 pandemic. The portal, initiated by Industries minister E P Jayarajan, includes all the details of various measures under the Vyavsaya Bhadratha Package, including financial support and concessions for MSMEs reeling under the impact of the pandemic.
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Principal Secretary, Industries, Dr K Ellangovan, Industries secretary, APM Mohammad Hanish, were among those present on the occasion. The interest subsidy on capital credit and term loans availed by MSMEs from financial institutions is a major component of the package. The Department of Industries has earmarked Rs 37.65 crore for meeting this commitment through the re-appropriation route, according to a press release. Under the scheme, MSME units that had availed additional capital credit or additional term loans, either separately or together, from April 1 to December 31, 2020, will be entitled to a 50 percent interest subsidy for six months.
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A ceiling of Rs 30,000 has been set for a single loan and Rs 60,000 for both the loans under this facility, the release said. The benefit of interest subsidy is also eligible for MSMEs that have availed loans under the Emergency Credit Line Guarantee Scheme (ELGS) under the Centres Atma Nirbhar Bharat project. As per the current statistics, the banks in the state had provided Rs 4,863.53 crore as loan under 10,4588 accounts. Over 50,000 MSMEs that have availed loans will benefit from the interest subsidy scheme.
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