Govt clears revised credit guarantee scheme for startups, max cover ₹20 cr

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Govt clears revised credit guarantee scheme for startups, max cover ₹20 cr - Business Standard

Quick Summary:

The government on Thursday approved a revised Credit Guarantee Scheme for Startups (CGSS), under which the maximum guarantee cover per borrower has been doubled to Rs 20 crore.

The broad objective of CGSS is to provide guarantee up to a specified limit against credit instruments extended by member institutions to finance eligible startups.

This scheme would help provide the much needed collateral-free debt funding to startups, the department for promotion of industry and internal trade (DPIIT) said in a notification.