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Home Business Banking Loans Economic Stimulus Plan (ESP)

Economic Stimulus Plan (ESP)

The Economic Stimulus Program (ESP) was officially launched on May 19, 2024, with financial support of Nu. 15.00 billion from the Government of India. ESP aims to help the economy recover from the impacts of the COVID-19 pandemic. The primary goals are to enhance domestic production in selected sectors that can generate employment and promote self-employment, improve foreign currency reserves, and promote new businesses.

ELIGIBILTY

  • All individuals/companies engaged in any type of production and manufacturing related activity or unit EXCEPT services, construction, mining in raw form, primary agriculture and agro-based.

ESP Funding Modality

It shall be supported through two windows as follows:

Window 1 – Concessional Credit Line (CCL)

  • This facility is to support new businesses and expansion of existing business for targeted sectors.

Window 2 – Reinvigoration Fund (RGF)

  • This facility is to help distressed borrowers having business with the potential to grow and recover from setbacks caused by COVID-19 pandemic and other external factors. Under reinvigoration fund there are two modalities:
  1. Modality I – Interest subsidy
  2. Modality II – Additional loan

Note: Borrower is eligible for only one of the modalities under Window 2.

Quantum

Window 1: Maximum 90% of the total project cost.

Window 2 (Modality I) : 75% of the total project cost.

Interest Rate

Window 1: 4% p.a

Window 2: Interest subsidy of 4% p.a

Tenure

Window 1: Up to 30th June 2034

Window 2: 3 Years

Downloads / Links

Download ESP Programme Reinvigoration Fund (RGF) Application Form Download ESP Concessional Credit Line (CCL) Application Form Download Checklist for Concessional Credit Line (CCL) Download Annexure for Concessional Credit Line (CCL)