AP government announces second tranche of MSME funds today

To help MSMEs function smoothly amid COVID-19 crisis, the Andhra Pradesh government has provided the first tranche of pending incentives of about Rs 450 crore to 7717 micro, small and medium enterprises (MSMEs) on May 22nd. Today, the second tranche of Rs 454 crore has been announced by CM Ys Jagan at the camp office through a video conference. This will benefit SC and ST entrepreneurs in 2435 industries.

98 thousand MSMEs in AP have given jobs to 10 lakh citizens. These MSME’s have been working for the development of the state incessantly. As part of restart package, the AP government has canceled 3 months of fixed current charges from April to June. Working capital loans will also be provided, which implies that in a bid to support micro and small industries, the government has planned to offer long-term loans of Rs 2 lakh to 10 lakhs with a 3 year moratorium.

Earlier YS Jagan led government has promised schemes amid lockdown. It has already successfully provided funds that include one-time special financial aid of Rs 5,000 for priests performing daily poojas, granted Rs 10,000 crore under YSR Vahana Mitra scheme on June 4 to render financial aid to auto rickshaw and cab drivers. Other schemes like ‘Jaganna Chedodu’, ‘YSR Nethanna Nestham’ and Kapu community scheme for women have also been successfully implemented in the recent past.

As part of the restart package, the government has allowed MSMEs, Large and Mega Industries to cancel the fixed and demand charges online and also has provided working capital loan opportunity to many entrepreneurs. This is the web site to apply for the loan: http://www.apindustries.gov.in/restart-package.