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KSFC earmarks Rs 10 cr for MSME sector in each district

Posted on Feb 13, 10:26AM | UNI

Mysore, Feb 12 : Karnataka State Financial Corporation (KSFC) has allocated Rs ten crore to each district in Karnataka to provide loans to new entrepreneurs in the MSME sector, KSFC General Manager G Nagaraj said today.

Speaking after inaugurating an interaction programme on 'Financial assistance for new industries' organised by Hebbal Industrial Association (HIA) here, he said KSFC was established to comprehensively develop small scale industries in the State with good encouragement for new entrepreneurs. So far, Rs 12,000 crore loan has been advanced to 1.6 lakh entrepreneurs in the State.

With decentralisation effected, the entrepreneurs need not go to Bangalore to obtain the loan. KSFC centres at all districts advance loans up to Rs ten crore. Within 15 days of submitting the application, the loan amount will be sanctioned, he added.

Further, he said SC/ST entrepreneurs would get the loan at an interest rate of four per cent and a proposal has been submitted to the Centre seeking extension of the facility for women. He added that KSFC also provided loan to develop industrial sheds and areas not coming under the purview of KIADB (Karnataka Industrial Area Development Board).

Mysore Chamber of Commerce and Industry President Sudhakar M Shetty presided over. HIA President N H Jayanth also attended the programmed.