Business in Times of Corona: Grants & Schemes in India

While e-commerce and essential services faced a surge in demand, there were plenty of businesses around the world which were negatively impacted by the Coronavirus global pandemic. Small and medium sized businesses took the worst hit, naturally. Having been under total lockdown since 22 March, India is no different. Both Government and private entities have come forward to offer support to these businesses. Here’s a short compilation of noteworthy grants and schemes offered to businesses in India.

Action Covid-19 Team (ACT)

The Action Covid-19 Team is a Rs. 100 Cr grant set up by start-up community of India to support ideas that could combat Covid-19 with immediate and lasting impact. ACT is seeking scalable, capital-efficient solutions from NGOs and innovative start-ups. Each application is eligible for a grant from 1 Lakh upto 10 Cr.

SBI’s Covid-19 Credit Scheme

Image for illustration purpose only (via Unsplash.com)

In support of small and medium businesses, The State Bank of India (SBI) has introduced Covid-19 related Credit Scheme in form of Common Covid-19 Emergency Credit Line (CCECL) which will be in force till 30 June. Valid for its existing borrowers, CCECL will be eligible to apply for loans of upto 10 percent of the existing fund based working capital limits with maximum cap of Rs. 200 Cr.

The US-India Science & Technology Endowment Fund (USISTEF)

The USISTEF is offering grants upto Rs. 50 Lakh (for early stage creative ideas) to Rs. 1 Cr (to support a workable prototype) to teams actively engaged in counter-Covid-19 research and development.

Schemes by Small Industries Development Bank of India (SIDBI)

Image for illustration purpose only (via Unsplash.com)

With an objective to provide liquidity support to Micro, Small and Medium Enterprises (MSMEs) impacted due to Covid-19, SIDBI has introduced special schemes in light of the pandemic. SIDBI Assistance to Facilitate Emergency (SAFE) is designed to grant loan of upto Rs. 50 Lakh to MSEs producing any good or services with a direct link to Covid-19 such as PPEs, ventilators, labs etc.

SIDBI’s SAFE Plus scheme is open to all MSME’s to meet additional working capital requirements against government orders.

SIDBI’s Make in India Soft Load Fund for Micro Small and Medium Enterprises (SMILE) aims to provide soft loans, such as quasi-equity and term loan to MSMEs with competitive interest rates.

Bumble’s Grant for Small Businesses

Social networking app Bumble, which was launched in India in 2018, has come out in support of small businesses. On 26 March, Bumble announced that it was offering upto Rs.1 Lakh in monetary support for small businesses affected by Covid-19.

Key Resources

In addition to the above compendium on grants and schemes available for businesses in India right now, there are other resources available as well such as The Invest India Business Immunity Platform and StartUp India.

Get in Touch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Articles

Education Amidst Pandemic: India’s Response So Far

The Coronavirus pandemic has brought the entire world to its knees. The world has lost hundreds of thousands of lives, millions of...

Lockdown Information in France

In recent weeks, France has begun to ease its restrictions on the national lockdown that has been in place in the country...

Travel Restrictions in France

Starting from June 2, France will be reducing many of the travel restrictions that have been in place across the country, with...

Latest Posts

Education Amidst Pandemic: India’s Response So Far

The Coronavirus pandemic has brought the entire world to its knees. The world has lost hundreds of thousands of lives, millions of...

Lockdown Information in France

In recent weeks, France has begun to ease its restrictions on the national lockdown that has been in place in the country...

Travel Restrictions in France

Starting from June 2, France will be reducing many of the travel restrictions that have been in place across the country, with...

Government finance schemes in France

With the growing impact of the coronavirus pandemic across France and around the world, governments of effected countries have had to rapidly...

Information related to schools, colleges and universities in France

As France has gradually introduced a strategy to ease the country out of the lockdown enforced since March, one of the most...
Live COVID-19 Updates