The Government of Assam and CGTMSE officially launched a special guarantee scheme named the ‘Assam Credit Guarantee Scheme’ (ACGS) for MSEs situated in the state.
Under the Scheme, 75 to 85 per cent of the guarantee coverage for credit facilities will be provided by CGTMSE as hitherto depending upon the category of the borrower and the balance 25-15 percent coverage shall be provided by the state government, taking the overall guarantee coverage to 100 percent.
The scheme is made effective from April 1, 2023. All the existing MLIs shall be eligible under ACGS. Apart from 100 percent guarantee coverage, all other terms and conditions of the Credit Guarantee Scheme (CGS-I for bands and CGS-II for NBFCs) shall be applicable, mutatis mutandis, under ACGS.
Further, this initiative is likely to support meeting the financial need of MSEs in the state.
