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SIDBI launches quick delivery schemes SHWAS & AROG for COVID preparedness

by News Monks

 To help the Micro, Small and Medium Enterprises (MSMEs) with required financial support, Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises(MSMEs), has launched SHWAS (SIDBI assistance to Healthcare sector in War Against Second wave of COVID19) and AROG (SIDBI Assistance to MSMEs for Recovery & Organic Growth during COVID19 pandemic), two new quick credit delivery schemes . The schemes are devised under the guidance from Government of India (GoI) which facilitates funding for production and services related to supply of oxygen cylinders, oxygen concentrators, oximeters and essential drugs.

Second wave / massive resurgence of Covid-19 in the country has led to unprecedented burden on health infrastructure of the country. GoI has taken numerous steps to step up supply of oxygen and essential drugs to hospitals. To ensure that SIDBI does it’s bit to contribute in this situation, new initiatives are being launched for helping MSMEs quickly augment their facilities which help the nation in augmenting capabilities to fight the pandemic.

On this occasion, Chairman and Managing Director of SIDBI said, “The endeavour is to provide credit facilities to deserving MSMEs that have risen to the occasion in helping the citizens in this hour of need by keeping their activities operational and providing healthcare at all levels.”

SIDBI, considering the current distress caused by COVID 19 and being a national emergency, has devised these schemes to cater to help assist healthcare service providers fight against the pandemic. These schemes envisage 100% funding upto an amount of Rs 2 crore to a MSME unit at attractive interest rate of 4.50%-6% p.a., within 48 hours after receipt of all the documents / information. Details of the schemes are available on our website www.sidbi.in.

On 25th March 2020, SIDBI had also launched SIDBI Assistance to Facilitate Emergency response against corona virus (SAFE) scheme to provide financial support to all MSMEs engaged in manufacturing of any product or providing any services which are related to fighting Corona virus (such as, hand sanitisers, masks, body suits, ventilators, testing labs, etc.). More than 400 MSME units producing products to fight Covid-19 have been sanctioned financial assistance under SAFE (total amount of Rs 178 crore) in FY 2021.

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