Mumbai, Feb. 17 -- Finance Minister Nirmala Sitharaman formally launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) on Monday, implementing a significant initiative that was previously announced in the July 2024 Budget.

The scheme is designed to facilitate loans of up to Rs 100 crore to Micro, Small and Medium Enterprises for the purchase of machinery or equipment without requiring collateral security.

During a post-budget interaction event held in Mumbai, the Finance Minister personally handed over sanction letters to the first eleven beneficiaries under the newly launched scheme, marking the operational commencement of this financial support mechanism.

The ceremonial distribution underscored the government's commitment ...