The revamped credit guarantee scheme for micro and small enterprises announced in Budget 2023-24 comes as a relief for businesses struggling to secure credit. The scheme offers an infusion of Rs 9,000 crore to the corpus, enabling additional collateral-free guaranteed credit of Rs 2 lakh crore. The annual guarantee fee for loans up to Rs 1 crore has been reduced from 2% to 0.37%, reducing the overall cost of credit for small businesses. The limit on the ceiling for guarantees has also been increased from Rs 2 crore to Rs 5 crore, and for loans outstanding up to Rs 10 lakh, initiation of legal proceedings will no longer be required for the settlement of claims. To avail of these benefits, micro and small business owners can refer to the guidelines issued by the Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE). Additionally, the corpus of CGTMSE has been infused with a sum of Rs 8,000 crore on March 30, 2023, and has already approved guarantees worth Rs 1 lakh crore during FY 2022-23. These measures are aimed at providing much-needed support to MSMEs, and business owners are encouraged to take advantage of them.