Sidbi to provide loans up to Rs 50 lakh to MSEs manufacturing medical supplies to fight COVID-19

Small Industries Development Bank of India (Sidbi) on Friday said it will provide loans up to Rs 50 lakh to micro and small enterprises (MSEs) that are manufacturing medical supplies for fighting the novel coronavirus (COVID-19).

The Sidbi Assistance to Facilitate Emergency (SAFE) response against coronavirus scheme will offer loans to MSEs at a fixed interest rate of 5 per cent and with a maximum loan repayment tenure of five years.

MSEs engaged in manufacturing of hand sanitizers, masks, gloves, head gear, body suits, shoe-covers, ventilators, goggles and testing labs are eligible for loans under this scheme.

The situation in which the country is going through right now, we felt that there is a need to immediately support and encourage those MSEs that are helping the nation fight the menace, Sidbi chairman and managing director Mohammad Mustafa, said in a statement