{"id":13820,"date":"2020-06-08T18:35:29","date_gmt":"2020-06-08T13:05:29","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=13820"},"modified":"2021-10-19T12:52:44","modified_gmt":"2021-10-19T07:22:44","slug":"how-to-access-the-governments-emergency-credit-scheme-to-restart-business","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/how-to-access-the-governments-emergency-credit-scheme-to-restart-business\/","title":{"rendered":"How to access the Government\u2019s Emergency Credit Scheme to Restart Business"},"content":{"rendered":"

Over the past few weeks, the government has disbursed over \u20b93 lakh crore as emergency credit scheme for MSMEs to bring back their businesses.<\/p>\n

However, the MSME sector has two main challenges due to the emergency credit scheme:<\/p>\n

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  1. Uncertainty over which scheme to avail from the Government due to lack of clarity on the measures.<\/li>\n
  2. Approaching the right lending institution to avail the scheme.<\/li>\n<\/ol>\n

    An Economic Times News Update states how over 35% of MSMEs have begun to shut shop despite the Government announcing the latest loan schemes.<\/p>\n

    If you are from the MSME sector, do not worry.<\/p>\n

    Here\u2019s how you can access the emergency credit schemes from the Government.<\/p>\n

    How to Access Emergency Credit Schemes for MSMEs – Tips<\/h3>\n

    Apply to banks backed by the Government<\/h4>\n

    Public sector banks have already disbursed over \u20b9 8000 crores worth of loans to the MSME sector. So, why wait? Stay updated on PSU banks that are currently distributing loans to SMEs. Here are the top 5 banks you can approach:<\/p>\n

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    • State Bank of India<\/li>\n
    • Union Bank of India<\/li>\n
    • Canara Bank<\/li>\n
    • Punjab National Bank<\/li>\n
    • Central Bank of India<\/li>\n<\/ul>\n

      Register and address the MSME minister directly on grievance portals<\/h4>\n

      With the world going online to address their grievances, you need to join in as well. The Government recently launched the CHAMPIONS portal, a robust, technology-driven website actively used by MSMEs now to talk about their business problems, financial and technological problems and get the assistance they need.<\/p>\n

      You can check out the CHAMPIONS portal here<\/a><\/span>. If you feel ambitious, join social media handles like Twitter and Facebook to keep up with the latest MSME updates and loan schemes.<\/p>\n

      The MSME Ministry is active on Twitter and MSME Minister Nitin Gadkari has insisted that businesses from the sector direct their debts and questions to this portal.<\/p>\n

      Register your business on Udyog<\/h4>\n

      Maybe this comes as surprise, but it\u2019s always best to register your MSME on the Udyog Aadhar Memorandum website if you wish to approach banks for a loan. The process is quick and requires you to fill only one form. You can find the entire registration process here.<\/p>\n

      Bonus: Do you know whether you are a Micro, Small or Medium enterprise? The New Classification of MSMEs is as shown in the image below.<\/p>\n

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      MSME definition widened further to include firms with up to Rs 250 Crore turnover. For more information, visit https:\/\/t.co\/wqwiXAfdbd<\/a>#msmechampions<\/a> #AatmanirbharBharat<\/a> #AtmanirbharBharatAbhiyan<\/a> #MSME<\/a> #definition<\/a> pic.twitter.com\/x9WNjuP8MN<\/a><\/p>\n

      \u2014 Ministry of MSME (@minmsme) June 3, 2020<\/a><\/p><\/blockquote>\n