TIIC conducts loan mela for MSMEs

Tamil Nadu Industrial Investment Corporation (TIIC) is aiming to disburse loans to the tune of ₹1,800 crore for entrepreneurs, micro, small and medium enterprises across the State, said a top official here on Monday.

T. Kirubakaran, General Manager, TIIC (Projects), said that the State-run financial corporation expects high turn out from MSMEs to avail of the loans under various schemes for which concession of 50 % will be available on processing fee.

“TIIC has given away ₹15,785 crore MSME loans so far and 1.25 lakh entrepreneurs and MSMEs benefited out of it . Despite the huge amount disbursed, non-performing asset accounted to the corporation from the loans is less than 10 %,” said Mr. Kirubakaran on the sidelines of a five-day MSME loan mela that commenced at Ardra Hall on Huzur Road on Monday.

Mr. Kirubakaran said that there has been good cooperation from beneficiaries when it comes to recovery of loans. While ₹5,399 crore was the loan sanction by TIIC between 2013-14 and 2016-17 (so far), the amount recovered was ₹5,112 crore.

TIIC offers MSME loans for new projects as well as for development of existing projects.

While TIIC offers loan up to ₹15 crore for individual projects, loan upto ₹20 crore was given for partnership projects. Private limited companies can avail of loan upto ₹30 crore, said officials.

District Collector T.N. Hariharan launched the loan mela. TIIC Coimbatore district manager V.S. Manoharan, Kurichi branch manager K. Dinakaran, and zonal manager S.K. Kandasamy are supervising the loan mela. Apart from processing applications at the loan mela, TIIC officials will also offer guidance for entrepreneurs and MSMEs.