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‘UP gave maximum loans to MSMEs — Rs 22,800 cr’

“Chief Minister Yogi Adityanath has distributed loans to MSMEs several times since coming to power through loan fairs, and issued instructions to banks that businessmen should not face problems in getting loans," the state government said.

By: Express News Service | Lucknow | December 21, 2020 4:09:50 am
Yogi Adityanath, lawyers chamber, gorakhpur lawyers building, UP news, indian express newsChief Minister Yogi Adityanath.

The UP government Sunday said that as many as 5.12 lakh MSME (micro and small and medium enterprises) units in the state have been given loan of Rs 22, 800 crores to expand their businesses.

“Chief Minister Yogi Adityanath has distributed loans to MSMEs several times since coming to power through loan fairs, and issued instructions to banks that businessmen should not face problems in getting loans. As a result, MSME units in Uttar Pradesh have reached the first position in taking loans in the country under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTME).

The top 11 states that have provided the maximum amount of loans to the industries are Uttar Pradesh, Tamil Nadu, Maharashtra, Karnataka, Kerala, West Bengal, Gujarat, Madhya Pradesh, Odisha, Andhra Pradesh, and Bihar, the state government said.

CGTMSE is being operated under the joint initiative of the Ministry of Micro, Small Industries, and SIDBI of the Central government, and compensates the loss of loan amount received from banks by micro and small-scale industry units working in the country. According to CGTMSE CEO Sandeep Verma, loans under the scheme are guaranteed to small-scale entrepreneurs, so that those who do not have bank guarantees and want to expand their businesses, can avail loans.

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