Briefly Money

Credit Guarantee Fund inks pact with IOB for SME lending

mumbai: The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has signed an agreement with Indian Overseas Bank under the risk-sharing facility scheme for guaranteeing collateral-free credit facilities to eligible small units. The CGTMSE is a venture between the central government and the Sidbi (Small Industries Development Bank of India). Under the scheme, collateral free and/or third party Guarantee-free credit facilities over Rs 1 crore to Rs 2 crore sanctioned to eligible micro and small enterprises, are proposed to be guaranteed through select member-lending institutions of CGTMSE.

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