The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has launched a new initiative to support small projects affected by the coronavirus, especially industrial and labour-intensive sectors, through exceptional short-term loans, up to a year, to secure the necessary liquidity for operation expenses until the crisis is over.
In a Tuesday statement, Nevine Gamea, Trade and Industry Minister and Executive Director of MSMEDA, said the initiative comes in line with the state’s directives to support small projects in the face of the economic effects of the coronavirus pandemic, as well as the agency’s financial and non-financial assistance to such projects in this hard time.
She added that the initiative includes all small projects, whether funded by the agency or not.
Gamea explained that the maximum limit of the new loans is EGP 1m per customer, and they will be provided at flexible terms and low interests, depending on the activity of each project.
She added that whoever wants to benefit from this initiative should contact the agency’s hotline 16733 or visit the agency’s branches nationwide for inquiry.
Gamea noted that this initiative comes to help the owners of small projects against the negative impact of the ongoing crisis represented in low liquidity that affects companies’ ability to pay wages and operation expenses.