District Collector K. Vijayakarthikeyan announced on Friday that loans totalling ₹432 crore have been dispersed to 2,881 micro, small and medium enterprises (MSMEs) in Tiruppur district.
In May, the Central government announced the ₹3 lakh crore Emergency Credit Line Guarantee Scheme for MSMEs to mitigate the economic distress due to the COVID-19 lockdown.
Under this scheme, borrowers can avail an additional 20% of the loan from financial institutions.
The Collector presided over a meeting with representatives of MSMEs, banks and district administration officials to discuss the practical difficulties in the MSME units receiving these loans from banks and how to rectify these issues, a release said.
Mr. Vijayakarthikeyan said that the rest of the MSME units in the district will receive the 20% loan.
The representatives were asked to increase production, improve the product quality and reduce the expenses to compete in the global market.
They were also encouraged to use www.tnprivatejob.tn.gov.in , the recently-launched website by the State government, to recruit new employees, the release added.
