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Scheme aimed at guaranteeing extended loans to startupsVAIBHAV PARWATAurangabad:The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has announced the credit line guarantee scheme aimed at guaranteeing extended loans to startups across the country under scheduled commercial banks, non-financial institutions and Securities and Exchange Board of India (SEBI) under registered alternative investment funds. This will benefit startups in the State including Marathwada.The objective of the credit guarantee scheme is to provide credit guarantee up to a specified limit on loans extended by member institutions to eligible borrowers. For example startups can get this benefit as mentioned in the gazette notification published by the DPIIT and as amended from time to time. The credit guarantee under this scheme will depend on the transactions. Guarantee for individual cases will be given for an amount of Rs 10 crore each or the actual outstanding credit of the loan, whichever is less.Umbrella based guaranteeAn umbrella-based guarantee will provide guarantees to venture debt funds registered under the alternative investment funds rules of the SEBI. The extent of cover under the umbrella is the actual loss or a maximum of five per cent of the accumulated investment being covered by funds in eligible startups, whichever is less, subject to a maximum of Rs 10 crore per borrower, said startup entrepreneur Vilas Apte.Will encourage lending to startupsTransaction based guarantees will encourage lending to eligible startups by banks, non-banking financial institutions. The scope of transaction-based protection will be 80 percent of the default amount if the principal amount is from Rs 3 crore, the protection will be till 75 percent if the amount is between Rs 3 to Rs 5 crore, and 65 percent of the default amount will be protected of the principal amount of loan is above Rs 5 crore and up to Rs 10 crore, said senior entrepreneur Shripad Londhe.

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Aurangabad :Startups to get benefit of the credit guarantee scheme

Scheme aimed at guaranteeing extended loans to startups VAIBHAV PARWAT Aurangabad: The Department for Promotion of Industry and Internal ... ...