Andhra Bank starts providing loans under MSME Mitra scheme

Andhra Bank has started giving loans to micro, small and medium enterprise (MSME) units, that are awaiting GST receivables, in […]

   

Andhra Bank has started giving loans to micro, small and medium enterprise (MSME) units, that are awaiting GST receivables, in order to help them deal with short-term liquidity crunch. In this regard, the public sector bank has started the MSME Mitra scheme. “Andhra Bank is one of the first to launch this flagship scheme to mitigate the short-term liquidity crunch being faced by fund-starved MSME units awaiting GST receivables,” Kul Bhushan Jain, executive director, Andhra Bank said in a release. Under its policy for MSMEs, Andhra Bank provides loans up to Rs 25 lakh to micro industries in manufacturing segment for investment in plant and machinery, above Rs 25 lakh to Rs 5 crore to small units and over Rs 5 crore to Rs 10 crore to medium enterprises. Those MSMEs engaged into services, micro units are eligible to get up to Rs 10 lakh loan for investment in equipment, small firms above Rs 10 lakh to up to Rs 2 crore and the medium enterprises can avail loans from over Rs 2 crore to up to Rs 5 crore.

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