Body appeals for loan moratorium
Source: Chronicle News Service
Imphal, February 03 2024:
Pointing out that the on-going humanitarian crisis has severely affected small business enterprises in the state, Welfare of Small Business Enterprises (WSBE) has appealed to the government to provide moratorium on bank loans until the crisis is resolved.
Addressing a press meet at Manipur Press Club, here, on Saturday, WSBE executive member Paonam Shitaljit said that the MSMEs and small business enterprises are among the worst affected by the ongoing crisis in the state.
Despite the sharp fall in revenue and operation, they are required to pay EMIs in time for the loan taken from the bank.
The crisis occurred at a time when they were hardly recovering from the shocks of the Covid-19 pandemic, he reminded.
The executive member also pointed out that goods manufactured in the state are in no position for sale in other states due to transportation issues in addition to machineries and equipment bought from dealers outside the state either stuck in Guwahati or in Kolkata regardless of paying warehouse taxes.
As many units have defaulted their loans and are facing pressure from banks even as they are struggling to meet their livelihood needs, the government should consider moratorium on the loans procured in view of the hardships they are facing, at-least until the crisis is resolved, he pleaded.
Paonam Shitaljit also urged the government to provide financial assistance in the form of working capital or special monetary package to revive operation of small business enterprises in the state.