New Delhi: The government would assist about 17,000 MSMEs in obtaining independent third party opinion on their credit worthiness in the next two years, a move that would help them in getting loan at affordable interest rates.
"Last year we had a target of 4,000 and we exceeded it.
This year (2009-10) we have a target of 7,000 (companies to be
rated) and next year we are going to look at more 10,000
units," National Small Industries Corporation (NSIC) Chairman
and Managing Director H P Kumar told reporters at a PHDCCI
function here today.
He said the rating concept in MSMEs that was introduced
about four years ago has started picking up.
The NSIC, in the Ministry of Micro, Small and Medium
Enterprises (MSME), had assisted 4,900 units in getting credit
ratings from different agencies in 2008-09.
The NSIC refunds 75 per cent of rating fee to the units.
The Ministry has empaneled several credit rating
agencies including CARE, CRISIL, FITCH and ICRA.
Credit rating help units in getting prompt loan at an
attractive interest rate and recognition in global trade. It
also helps units ascertain the strengths and weaknesses of
their existing operations and take corrective measures.
Bureau Report
First Published: Wednesday, July 22, 2009, 19:30