DPIIT notifies credit guarantee scheme for startups – The Department for Promotion of Industry and Internal Trade (DPIIT) notified the credit guarantee scheme for startups to provide them collateral-free loans up to a specified limit on 7 October 2022.
- The Central Government has given its approval for the ‘Credit Guarantee Scheme for Startups (CGSS) for the purpose of providing credit guarantees to loans extended by member institutions (MIs) to finance eligible borrowers being startups.
- Credit Guarantee Scheme for Startups (CGSS) aims to provide much-needed collateral-free debt funding to startups.
- India Govt will install a trust or fund for the purpose of guaranteeing payment against default in loans or debt extended to eligible borrowers.
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