The authorities has notified a credit score assure scheme for start-ups (CGSS) beneath which lenders will prolong collateral-free loans as much as Rs 10 crore to every eligible borrower.
Loans or debt amenities sanctioned to an eligible startup on or after October 6 will be coated beneath the scheme, the Department for Promotion of Industry and Internal Trade (DPIIT) mentioned in a notification. The loans will probably be backed by sovereign assure. The transfer is geared toward supporting startups which are hit laborious by the pandemic and at the moment are going to be impacted additional by the rising rate of interest situation when liquidity is unlikely to be simply out there to new entrepreneurs. FE
