The Emergency Credit Line Guarantee Scheme (ECLGS) has stepped up funding to financially stressed medium and small realty enterprises.
Under this Rs 3 lakh crore scheme , part of Atma Nirbhar Bharat Abhiyaan, banks have sanctioned loans worth one lakh crore to MSMEs. Backed by government guarantee, banks have disbursed loans of over Rs 45000 crore.While PSBs have sanctioned loans worth Rs 57525 crore under ECLGS, private sector lenders have sanctioned Rs 44335 crore of loans.The total loan disbursal by public sector banks stands at Rs 29232 crore against Rs 16628 crore disbursed by private players.
Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global Group and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, ” This emergency scheme has come as a saviour for the crisis-ridden medium & small developers. With the Corona crisis hitting their cash flows hard, this funding flow will boost survival to revival for MSME enterprises in real estate.