Manipur State Credit Guarantee Scheme launched

Imphal: The Manipur State Credit Guarantee Scheme (MCGS) was launched on Thursday, at a solemn function organised by Planning department at Hotel Imphal, with chief minister  N. Biren Singh as the chief guest.

The scheme was launched with Credit Guarantee Fund Trust for Micro and Small enterprises (CGTMSE), set up by the ministry of MSME and Small Industries Development Bank of India (SIDBI).

Biren informed that Manipur is just after Assam among the Northeast states and top among the small states in number of registrations of Micro, Small and Medium Enterprises (MSME) with a total of 51,199 registration including 50,658 for Micro, 519 for Small and 22 for Medium. He stated that MSMEs are very suitable in Manipur, with its people’s eagerness to work and take up new activities.

Mentioning that earlier banks asked for collaterals or securities for providing loans to borrowers, he informed that now the Government is giving the guarantee under its Credit Guarantee Scheme. Continuing that SIDBI would be sanctioning an amount of around Rs 700 crore in the next five years and cited that if this opportunity is harnessed optimally, around 28,000 employments can be generated in these five years to come. Employment generation is an important factor for economic growth, he added.

Highlighting the benefit of the scheme could provide to the displaced persons staying at various relief camps, he informed that a loan amount of Rs 50,000 would be provided to the beneficiaries, as an initial stage, for carrying out any activities for earning. Training for earning livelihood activities and marketing platforms for their products would be provided to the displaced people. As such, there would be no financial and marketing problems, he added. He continued that, with training, the displaced people would become expertise in a specific activity and would facilitate in availing the benefit of Rs 10 lakh under the One Family One Livelihood scheme of the state government, once they return to their original places.

Biren said people now began to realize the opportunity of getting a bigger amount of loan, if repay back on time.

Chief Executive Officer, CGTMSE Sandeep Varma and Chief General Manager, SIDBI Arup Kumar also spoke on the facilities provided to first generation entrepreneurs under Credit Guarantee Scheme.

During the programme, dummy cheques of loans and loan sanction letters sanctioned by different banks were handed over to beneficiaries under One Family One Livelihood Scheme and Manipur State Credit Guarantee Scheme. A promotional film of CGTMSE was also showcased.

The objective of Credit Guarantee Scheme is to encourage first generation entrepreneurs to venture into self-employment opportunities by facilitating credit guarantee support for collateral free/third-party guarantee-free loans to the Micro and Small enterprises (MSEs), especially in the absence of collaterals.

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