Sidbi launches loan products for MSMEs

New Delhi To help the Micro, Small and Medium Enterprises (MSMEs) with required financial support, Sidbi has lauched two loan products at concessional rate for ramping up supply of products used in fight against the Covid-19 pandemic. These products will help augment supply of oxygen cylinders, oxygen concentrators, oximeters and essential drugs by MSMEs, Small Industries Development Bank of India (SIDBI) said in a statement. The principal financial institution engaged in the promotion, financing and development of MSMEs has launched SHWAS (Sidbi assistance to Healthcare sector in War Against Second wave of Covid-19) and AROG (Sidbi Assistance to MSMEs for Recovery & Organic Growth during Covid-19 pandemic), two new quick credit delivery schemes, it said.

The schemes are devised under the guidance from Government of India which facilitates funding for production and services related to supply of oxygen cylinders, oxygen concentrators, oximeters and essential drugs, it said. Second wave or massive resurgence of Covid-19 in the country has led to unprecedented burden on health infrastructure of the country. 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.