DIPP to move cabinet note on credit guarantee fund

The move is aimed at enabling the flow of loans to startups.

The Department of Industrial Policy and Promotion (DIPP), under the Ministry of Commerce and Industry, will move a Cabinet note on the credit guarantee fund for the budding entrepreneurs.
 
The move is aimed at enabling the flow of loans to startups.
 
Prime Minister Narendra Modi, in January last year, had announced for the creation of the fund under Startup India action plan.
 
The credit guarantee fund managed by the DIPP has a corpus of Rs 2,000 crore.
 
“We have finalised the details of how the fund has to be managed. A cabinet note will be moved soon,” a senior government official told ET. 
 
Only startups recognised and certified by the DIPP can access the credit guarantee fund. 
 
So far, the industry department has recognised 2,865 applicants and 60 of them have been approved for a tax holiday.
 
Source: ET.com

Event date: 
Friday, September 8, 2017

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