The Finance minister Nirmala Sitharaman today announced multiple relief measures, including the extension of the “Emergency Credit Line Guarantee Scheme (ECLGS) outlay,” “credit guarantee scheme for 25 Lakh individuals through the micro-finance institutions” and “financial measures for the tourism sector.”
Basis the same, please find appended the quote by Mr. Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital. Have also attached his high-resolution picture for your reference.
The Finance Minister today has announced the much needed relief measures, for multiple affected sectors. Considering the fact that almost 90% of the Emergency Credit Line Guarantee Scheme (ECLGS) outlay was effectively utilized to support the affected MSME sector, an additional Rs 1.5 lakh crore will greatly catalyze the revival as well as growth processes of the MSMEs. This announcement came at a significant moment, as the World MSME day was celebrated a day prior. Further, credit guarantee scheme for 25 Lakh individuals through the micro-finance institutions and the financial measures announced for the tourism sector are much appreciated. With the economy carefully opening up in stages, the announced measures will certainly prove viable for the MSMEs and individuals towards their efforts to overhaul the broken cash-flows.
About U GRO Capital Ltd.:
U GRO Capital limited is a BSE listed, small business lending fintech platform. The Company is focused on addressing capital needs of small businesses operating in select eight sectors by providing customized loan solutions.
U GRO Capital’s mission is ‘Solve the Unsolved’ – Small Business Credit Need. U GRO Capital believes that the problem of small businesses can be solved by building deep expertise around core sectors of SMEs in India coupled with a data centric, technology-enabled approach.
The Company has raised ~INR 920 crore of capital from a diversified set of private equity funds like institutional investors and well-known family offices.
The Company strives to build a strong SME financing platform based on sectoral understanding supplemented by a fully integrated technology and analytics platform.