The government has decided to introduce a new loan scheme named ‘Comprehensive disaster relief loan scheme’ to provide working capital loan facilities to micro, small scale and large scale entrepreneurs affected by Cyclone Ditwah.
Accordingly, loan facilities can be obtained from the licensed commercial banks and licensed special banks under an annual interest rate of 3% subject to a maximum of Rs. 250,000 for micro entrepreneurs, Rs. 1 million to the maximum for small scale entrepreneurs, and Rs. 25 million for medium and large scale entrepreneurs to be recovered within 03 years with a concessionary period of 06 months and it is expected to allocate Rs. 5 billion for the purpose.
Cabinet approval was granted in December to implement the ‘RE MSME – disaster relief’ loan scheme in order to redress micro, small and medium scale entrepreneurs affected due to the disaster.
However, the Cabinet has now decided to expand the programme to support entrepreneurs affected across the country.
