{"id":122927,"date":"2020-04-29T01:41:26","date_gmt":"2020-04-28T20:11:26","guid":{"rendered":"https:\/\/arunachaltimes.in\/?p=122927"},"modified":"2020-04-29T01:41:26","modified_gmt":"2020-04-28T20:11:26","slug":"acci-seeks-working-capital-gap-funding-for-enterprises","status":"publish","type":"post","link":"https:\/\/arunachaltimes.in\/index.php\/2020\/04\/29\/acci-seeks-working-capital-gap-funding-for-enterprises\/","title":{"rendered":"ACCI seeks working capital gap funding for enterprises"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong><a href=\"https:\/\/arunachaltimes.in\/wp-content\/uploads\/2020\/04\/ACCI-seeks-working-capital-gap-funding-for-enterprises.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-122947 alignleft\" src=\"https:\/\/arunachaltimes.in\/wp-content\/uploads\/2020\/04\/ACCI-seeks-working-capital-gap-funding-for-enterprises.jpg\" alt=\"\" width=\"400\" height=\"280\" \/><\/a>ITANAGAR, Apr 28:<\/strong> Members of the Arunachal Chamber of Commerce and Industries (ACCI) on Monday met Deputy Chief Minister Chowna Mein and sought &#8220;working capital gap funding for business enterprises&#8221; as relief amid the nationwide Covid-19 lockdown.<br \/>\nThe state&#8217;s apex body of traders suggested a model of 10:40:50 proportion for the financial package, with no processing fees or pre-payment penalties, &#8220;wherein 10 percent will be promoter&#8217;s contribution, 40 percent will be state government&#8217;s gap funding, and 50 percent will be loan component.&#8221;<br \/>\nIt said that the government&#8217;s contribution has to be &#8220;placed upfront to the bank for swift implementation,&#8221; and that the bank should make disbursement a priority on the fulfillment of the laid down criteria.<br \/>\n&#8220;The maximum working capital loan shall be based on three times of each business&#8217; 2019 average monthly payroll costs, including benefits, plus the three month rents of the existing unit&#8217;s properties.<br \/>\nThe repayment period will be of 24 months, which shall be exclusive of six months moratorium on interest and EMI on account of unprecedented situation,&#8221; it said.<br \/>\nThe ACCI also suggested that the state government stand as &#8220;sovereign guarantor&#8221; for the proposed loan.<br \/>\nInforming that there are 14,000 GST registrations in the state, of which approximately 6000 are in the capital complex and a majority of them are work contractors, the ACCI also laid down criteria for traders to avail the financial package. These would include &#8220;traders dealing with essential services, CNF, stockists, distributors and wholesalers of the same,&#8221; it said.<br \/>\nMedicine retailers and pharmacies shall be excluded, it said.<br \/>\nPenal provisions were also suggested to the DCM.<br \/>\n&#8220;It will not only provide much-needed interim support to business enterprises in terms of cash flow and liquidity on account of Covid-19 but also encourage the existing business enterprises and future aspirants to avail trading licence and GST registration, which in the long run will increase the much-needed revenue for the state,&#8221; it said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ITANAGAR, Apr 28: Members of the Arunachal Chamber of Commerce and Industries (ACCI) on Monday met Deputy Chief Minister Chowna Mein and sought &#8220;working capital gap funding for business enterprises&#8221; as relief amid the nationwide Covid-19 lockdown. The state&#8217;s apex body of traders suggested a model of 10:40:50 proportion for the financial package, with no [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-122927","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-state-news"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/122927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=122927"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/122927\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=122927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=122927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=122927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}