CGTMSE Achieves Milestone Of 1 Crore Credit Guarantees For Mses
Date
12/18/2024 4:31:48 AM
(MENAFN- KNN India)
New Delhi, Dec 18 (KNN) The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) announced on Tuesday that it has reached a landmark achievement of approving 1 crore credit guarantees for Micro and Small Enterprises (MSEs).
This milestone reflects the Trust's critical role in enabling MSEs to access credit without requiring collateral or third-party guarantees.
Established in August 2000 by the Central government in collaboration with the Small Industries Development bank of India (Sidbi), CGTMSE has been a cornerstone of India's efforts to empower the MSE sector.
It provides financial institutions with the assurance to lend to small businesses, thereby fuelling entrepreneurship and growth across the country.
To commemorate this historic achievement, CGTMSE hosted an event attended by its Chairman Manoj Mittal, CEO Manish Sinha, representatives from leading banks such as State Bank of India, HDFC Bank, and Union Bank, along with various MSME stakeholders.
The event included a felicitation ceremony for three outstanding MSE borrowers and three prominent Member Lending Institutions (MLIs) that played a pivotal role in achieving the 1-crore guarantee milestone.
Speaking at the event, Mittal highlighted the transformative role of credit guarantees in unlocking capital for small businesses. "Credit guarantees have enabled MSEs to secure funding without the burden of collateral or third-party guarantees, helping them achieve sustainable growth," he said.
Over the past two years alone, CGTMSE has extended credit guarantees worth Rs 4 trillion to the MSE sector. In a bid to further amplify its impact, the government aims to expand the scheme's reach, targeting an additional Rs 5 lakh crore in credit guarantees over the next two years.
This initiative is set to bolster India's MSE ecosystem, fostering innovation, employment, and economic resilience at the grassroots level.
As CGTMSE crosses this significant milestone, its continued support promises a brighter future for the nation's small businesses.
(KNN Bureau)
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