COVID Relief for Small Businesses in Meghalaya

Syllad | The Rising MeghalayaNovember 10, 2020

The State Government has issued a notification to provide a relief package under the nomenclature of ‘COVID Relief for Small Businesses’.

According to the notification issued by the Commissioner & Secretary to the Govt. Meghalaya Planning Department, Dr. Vijay Kumar D said that given the economic disruption caused by the COVID-19 pandemic and as part of the ‘Restart Meghalaya Mission’, a relief package under the nomenclature of ‘COVID Relief for Small Businesses’ will be provided by the State Government.

The Components of the relief package are detailed as under-

Component 1- Facilitating SHISHU Component of MUDRA Loans (Loans up to Rs.50,000) to individuals without Access to Credit (New Borrowers)

Objective

To Facilitate Access to Credit to small enterprises.

To provide a grant of 20% of the loan amount for new loans up to Rs.50,000/-.

To increase the ease of accessing bank loans by creating a digital platform.

Eligibility

All enterprises/entrepreneurs located in the State of Meghalaya and run by residents of Meghalaya.

Application Process

Applicants can apply online by logging into https://megha-prime.com.

Once the loan application is approved by the banks, the special grant of 20% of the loan amount will be deposited to the bank account of the applicant.

The Grant Component of the loan is applicable for new loan applications till 31^st March, 2021.

Component 2 – A One Time Grant for Individuals with Access to Credit (Existing Borrowers)

Objective

To provide relief to existing small enterprises/entrepreneurs who have loans from the banks.

To provide a grant of 10% of the loan amount for all existing MUDRA/MSME loans of up to Rs.1,00,000/-.

To develop a database of entrepreneurs for future support and interventions.

Eligibility

All enterprises/entrepreneurs in the State of Meghalaya who has already availed MUDRA or MSME loan of an amount up to Rs.1,00,000/- as of 31^st March, 2020.

The account should have been Standard/Regular as of 31^st March, 2020.

Application Process

Applicants can apply online by logging into https://megha-prime.com