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The government has now launched a new scheme to promote startup culture. Under this scheme, startup companies will get a maximum loan of 10 crore rupees without any guarantee. The loan guarantee will be given by the government itselfs.
Credit Guarantee Scheme For Startups Bussiness
Department for Promotion of Industry and Internal Trade (DPIIT) has also released a notification in this regard. As per the notification, eligible borrowers sanctioned loans/debts on or after 6th October will be eligible under this scheme.
This startup will be entitled to the loan guarantee
1. Accredited from DPIIT
2. Who is earning continuously, and this is confirmed by the audited monthly statement of the last 12 months.
3. No bank or investment institution defaulter whose loans have not been declared NPA.
The government will give a guarantee on two types of loans
1. Loan guarantee will cover up to 80 percent of the transaction amount. It will be a transaction-based guarantee. It will provide a loan guarantee to bank startups.
Startups whose approved loan amount is up to 3 crores will get transaction-based cover on 80 percent of the amount. Those with a loan amount of up to 3-5 crores will get guaranteed cover at 75 percent. While a startup with a loan of up to 10 crore rupees will get a loan guarantee of 65 percent of the amount.
2. Umbrella-based guarantee will also be available on loans under CGSS. Which guarantee cover will be made available to the registered Venture Debt Fund (VDF) under SEBI’s AIF rules.
For this, the central government has approved the Credit Guarantee Scheme for Startups (CGSS) for startups. Under this, they will be given loans up to the prescribed limit without any guarantee.