To help the Indian textile and garment industry, Sowtex Network has been organising a series of webinars and knowledge sessions since last 2 months.
In another such effort yesterday, it held had an interesting session by fundraising expert CA Sunil Malhotra and Dheeraj Guliani of Readyfunds Corporation.
Both the domain experts shared details about how the Government and banks have rolled out incentive schemes for MSMEs to support businesses, and, importantly, how one can take better advantages of the same.
It was highlighted that now there is the deferment of interest on working capital facilities up to 31 August 2020.
It was mentioned that conversion of accumulated interest on working capital facilities over the total deferment period of 6 months (i.e., 1 March 2020 to 31 August 2020) into a funded interest term loan shall be fully repaid during the current financial year ending 31 March 2021.
Many participants raised their doubts regarding incentives given to MSMEs and also procedure challenges faced by the small exporters.
Topics like eliminating buyer risk on open account terms and extended credit terms to buyers and importers were also covered by the experts.
The session was managed by Sonil Jain of Sowtex Network.