Tamil Nadu Credit Guarantee Scheme 2024

tamil nadu credit guarantee scheme 2024 (TNCGS) launched to give financial aid to micro, small & medium enterprises (MSMEs), Tamilnadu Coir Business Development Corporation also launched, check details here தமிழ்நாடு கடன் உத்தரவாதத் திட்டம் 2023

Tamil Nadu Credit Guarantee Scheme 2024

The Chief Minister of Tamil Nadu, MK Stalin, initiated the Tamilnadu Credit Guarantee Scheme in order to offer monetary assistance to the state’s micro, small, and medium-sized business sector. A budget of Rs. 100 crore for this scheme. Under this scheme, there will be ERP systems developed which will aid MSMEs to solve problems of delayed payment issues or any other kind of interruptions by suppliers. Additionally, under the TN Credit Guarantee Scheme, three banks can give the loan to MSMEs within a short period of time (24 hours).

tamil nadu credit guarantee scheme 2024

tamil nadu credit guarantee scheme 2024

In addition, the government stated that they had received more than 10,555 applications, of which 9212 had been approved. This is a loan for micro, small, and medium-sized enterprises that are guaranteed. People in business who want to invest in their company but don’t have the money to do so might apply for a loan through this program.

Also Read : Tamil Nadu Meendum Manjappai Scheme 

Tamilnadu Credit Guarantee Scheme Objective

This scheme is designed with the aim of providing loans and other forms of financing to micro, small, and medium-sized enterprises (MSMEs) and has been launched by the government of Tamil Nadu. According to this scheme, there would be a reduced requirement for a security deposit in order for such businesses to have their loan applications approved. The growth of micro, small, and medium-sized businesses will be aided as a result of this program. This program gives the lenders peace of mind in the event that a micro, small, or medium-sized enterprise fails to repay the loan.

Benefits of TN Credit Guarantee Scheme

The following is a list of the benefits that can be obtained through the use of TNCGS to obtain credit guarantees for financial institutions that provide loans to MSMEs:

  • The scheme will provide collateral-free loans for starting businesses without the fear of default.
  • TN Credit guarantee scheme will help in the development of micro, small, and medium enterprises; to help in the development of micro, small, and medium enterprises
  • TN Credit guarantee scheme will help in the development of MSMEs.
  • To encourage the growth of the micro, small, and medium industrial sectors by making 90% guaranteed loans available to small-size firms for amounts up to 40 lakh. Additionally, qualified borrowers would obtain an 80% guarantee on loans of more than Rs 40 lakh but less than Rs 2 crore.
  • The scheme will assist new small company owners in starting their companies without feeling threatened, with the goal of expanding the MSME sector via the provision of financial assistance.

Also Read : Tamil Nadu Naan Mudhalvan Scheme

TN Credit Guarantee Scheme Eligibility

Points for eligibility are listed below:

  • Citizens of the Tamilnadu.
  • Must belong to the MSMEs sector in order to avail benefits of the scheme.
  • Must not be a government employee.

Tamilnadu Coir Business Development Corporation

Tamil Nadu state govt. has also launched a new public sector enterprise the Tamil Nadu Coir Business Development Corporation and introduced four coir clusters in Tiruppur. Besides, home textiles would be brought under the thrust sector to promote the growth and development of the sector.

CM said “I received petitions and representations from various home textile units seeking financial assistance and subsidies. The sector produces goods worth Rs 10,000 crore and exports account for more than Rs 4,000 crore.” After due consideration of the represensations, the state government decided to bring home textiles under thrust sector to help the units avail special capital subsidy.

Chief Minister also mentioned that “Apart from this, the government is taking steps to facilitate growth of MSME sectors. Under the single window system, we received more than 10,555 applications, of which 9,212 applications have been cleared. Further, export facilitation centres will be set up in every district”.

Launch of TN Trade Receivables Discounting System (TNTReDS)

CM M.K Stalin also announced the launch of Tamil Nadu Trade Receivables Discounting System, an Enterprise Resource Planning platform (ERP). TNTReDS will bring all Tamil Nadu PSUs, statutory boards, corporations and apex cooperatives together on the bill discounting platform. Lauding the government’s push for industrial growth, the Chief Minister said over 221 MOUs have been signed in the last 15 months which attracted investment of over Rs. 2.2 lakh crore that would create more than three lakh jobs. Out of this, 49 are MSMEs that have made investments of Rs. 1,300 crore and generated 1,909 jobs, stated Stalin.

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