ECLGS helped majority of small businesses sail through financial woes: Survey

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Nearly two-thirds of small businesses believe that the government's Emergency Credit Line Guarantee Scheme (ECLGS) has helped them pass through financial troubles, according to a survey.

The survey conducted by credit information company Transunion Cibil on 756 companies also said that 68 per cent were confident about a future positive outlook. Public sector banks have played a lead role in helping the scheme reach out to a wider set of MSME borrowers, the survey said, adding that the very small and micro enterprises having a turnover of up to Rs 1 crore are the biggest beneficiaries of the same.

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"ECLGS support has significantly helped in revitalizing the MSME sector which forms the backbone of India's economic engine….timely financial infusion will help MSMEs to revive their businesses and enhance prospects for sustainable growth," company's managing director and chief executive Rajesh Kumar said.