Considering the current conditions of pandemic exerting pressure over businesses, and to keep the avenues of assistance to stressed MSME units open, the Government has decided to extend Credit Guarantee Scheme for Subordinate Debt (CGSSD) scheme for six months from March 31 to September 30.
Government had announced creation of ‘Distressed Assets Fund - Subordinate Debt for Stressed MSMEs’ on May 13, 2020, under the AtmaNirbhar Bharat Package. Accordingly, a scheme viz. ‘Credit Guarantee Scheme for Subordinate Debt’ was approved by the Government on June 1, 2020 and the scheme was launched on June 24, 2020 to provide credit facility through lending institutions to the promoters of stressed MSMEs such as SMA-2 and NPA accounts who are eligible for restructuring as per RBI guidelines on the books of the lending institutions. This scheme was to remain in operation till March 31.
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