SHILLONG [Nov 10]: In another frantic measure to heal the economy of the state, which has been battered by the COVID-19 pandemic, the Meghalaya Government has introduced a relief package under the nomenclature ‘COVID Relief for Small Businesses’ as part of the ‘Restart Meghalaya Mission’.
Under the relief package, the beneficiaries have been categorised into two components – new and existing borrowers.
For individuals without access to credit or new borrowers, the government through this package will facilitate the SHISHU Component of MUDRA Loans (up to Rs 50,000).
The state government, besides opening the door to credit for small enterprises, will aim to provide a grant of 20 per cent of the loan amount for new loans up to Rs 50,000.
It will also attempt to increase the ease of accessing bank loans by creating a digital platform.
But the question remains as to who will be eligible for this facility.
The government has let all enterprises/entrepreneurs located in Meghalaya and run by residents of the state to avail this scheme.
Applicants can apply online by logging into https://megha-prime.com.
Once the loan application is approved by the banks, the special grant of 20 per cent of the loan amount will be deposited to the bank account of the applicant.
The Grant Component of the loan is applicable for new loan applications till March 31, 2021.
The government has also devised a ‘One-Time Grant’ for individuals with access to credit or existing borrowers.
With this component, the government’s objective is to provide relief to existing small enterprises/entrepreneurs who already have borrowed money from banks.
A grant of 10 per cent of the loan amount for all existing MUDRA/MSME loans of up to Rs 1 lakh will be provided.
The government also aims to develop a database of entrepreneurs for future support and interventions.
(All enterprises/entrepreneurs in the state that have already availed MUDRA or MSME loan of up to Rs 1 lakh as of March 31, 2020, are eligible for this component of the package.
Further, the account of the applicant should have been Standard/Regular as of March 31, 2020.