Low interest loans offered to entrepreneurs

Department of Industries to help a lakh new businesses this year

Department of Industries to help a lakh new businesses this year

The Industries Department offers special programs, including provision for loans at an interest rate of 4%, for those who start new businesses in the current fiscal year, which is considered the year of l entrepreneurship.

The decisions on the schemes were taken at a meeting of heads of various banks chaired by Industry Minister P. Rajeeve on Tuesday. Banks extended their support for the department’s initiative to help a lakh new businesses this year.

Loans without collateral will also be part of the special regimes. The technical difficulties encountered by cooperative banks in this respect will be examined. Banks will have access to the New Entrepreneur Registration Portal. The government will shoulder some of the additional burden on the banks by providing loans at lower interest rates. A government order will soon be issued on this, Mr Rajeeve said. He said as many as 19,000 businesses had started this year under the entrepreneurship program.

Coaching

Training will be provided on the new loan programs in the respective districts for the 1,153 trainees who have been appointed by the department under the entrepreneurship year programs. Technically qualified interns are appointed in all local bodies to coordinate the field activities of the Department of Industries campaign to help launch one lakh of Micro, Small and Medium Enterprises (MSMEs) over the next year in the framework of the program. District collectors will convene bank meetings and loans will be disbursed as soon as possible.

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