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New schemes for MSME
August 29 , 2022
822 days
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- CM of Tamil Nadu introduced several initiatives for Micro, Small, and Medium-sized Enterprises at the Regional MSME Meet in Tirupur.
Tamil Nadu Credit Guarantee Scheme (TNCGS)
- The TNCGS will collaborate with the Credit Guarantee Trust for Micro and Small Enterprises of the Government of India to provide a 90% guarantee on qualified loans up to Rs. 40 lakhs.
- The TN government has allocated aside Rs. 100 crores for this scheme.
- Under this policy, at least three Nationalized Banks will give loans to MSMEs within a fortnight.
Tamil Nadu Trade Receivables Discounting System (TN TReDS)
- TN TReDS is an Enterprise Resource Planning (ERP) platform that will tackle issues with late payments for supplies made to larger enterprises.
- This platform will be accessible to all state-owned enterprises, statutory boards, corporations, and apex cooperatives.
- If the state entity does not pay the MSMEs that are on the TReDS platform by the end of the 179th day, TAICO Bank will settle the dues for the bills that were uploaded to TN TReDS on the 180th day.
Other initiatives
- Government renamed the MSME Trade and Investment Promotion Bureau (M-TIPB) as “FaMeTN" during the event.
- CM virtually inaugurated the Tamil Nadu Coir Business Development Corporation in Coimbatore.
- It focuses on establishing new coir clusters, connecting with international customers, establishing research and development centres, and fostering industry-academia collaboration.
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