Latest News | CGTMSE Achieves Milestone of Approving 1 Crore Guarantee to MSMEs
Get latest articles and stories on Latest News at LatestLY. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) on Tuesday said it has achieved a milestone of approving 1 crore guarantees to MSE beneficiaries.
New Delhi, Dec 17 (PTI) The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) on Tuesday said it has achieved a milestone of approving 1 crore guarantees to MSE beneficiaries.
CGTMSE was set up by the central government and SIDBI in August 2000 to provide credit guarantees to micro and small enterprises, enabling them to access credit without the need for collateral and third-party guarantees.
To mark the occasion, an event was organised, and attended by CGTMSE chairman Manoj Mittal and CEO Manish Sinha and representatives of various banks, including State Bank of India, HDFC Bank and Union Bank, and MSMEs.
During the occasion, three Micro and Small Enterprises (MSE) borrowers and three prominent Member Lending Institutions (MLIs) were felicitated which have played a significant role in this achievement, CGTMSE said in a statement.
Speaking at the event, Mittal emphasised the transformative impact of credit guarantees on the MSE ecosystem, enabling businesses to access funding without collateral, third-party guarantee and achieve sustainable growth.
Credit guarantees worth Rs 4 lakh crore were extended in the last two years via the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
The government aims to ramp up credit guarantees extended to MSMEs through the CGTMSE scheme by another Rs 5 lakh crore in the next two years.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)