Retailers, small businesses not enrolled as MSMEs are also eligible for emergency loans
Retail businesses devastated by the 62-day lockdown have been declared eligible for the scheme. The Scheme is also applicable for Retail businesses that are not recognised or registered as MSMEs. The emergency credit line facility provides 100 percent guarantee coverage by National Credit Guarantee Trustee Company. The assistance will come in the form of additional working capital through a term loan facility. The guarantee will be up to 20 percent of the borrower's total outstanding credit up to Rs. 25 crore. The Guaranteed Emergency Credit Line (GECL) facility was approved by the Union cabinet on May 22.
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