In an attempt to encourage Micro, Small and Medium enterprises (MSMEs) to address the demand for critical goods and Services required to tackle the second wave of Covid-19, Small Industries of India (SIDBI) is offering low-cost funding to units that manufacture Oxygen cylinders, oxygen concentrators, oximeters and essential drugs.
Understanding the urgency of the situation, SIDBI has offered to sanction credit within 48 hours to such firms which can help Goa and the nation augment capabilities to fight the pandemic.
SIDBI is offering 100% funding up to an amount of Rs 2 crore to a MSME unit at attractive interest rate of 4.5-6% per annum if the firms meet all the criteria.
While Goa has four medical and industrial oxygen suppliers, it has to depend on neighbouring states for oxygen cylinders, oxygen concentrators, oximeters and other essential equipment.
SIDBI, the principal financial institution for financing and development of MSMEs, has launched the SHWAS and AROG quick credit schemes and hopes that the term loans and WORKING CAPITAL funds will help MSMEs speed up the production of oxygen cylinders, oxygen concentrators, oximeters and essential drugs.