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TIIC to disburse Rs 1800 cr loans to MSMEs under various schemes with 50% concession in processing fee

 Coimbatore, June 21 (KNN) Tamil Nadu Industrial Investment Corporation (TIIC) has plans to disburse loans under various schemes to the tune of Rs 1,800 crore for MSMEs across the State.

Further to this, TIIC will also give 50 per cent concession on processing fee.

Speaking at the side-lines of five-day MSME loan mela, T. Kirubakaran, General Manager, TIIC (Projects), said that the State-run financial corporation expects high turnout from MSMEs to avail of the loans under various schemes for which concession of 50 % will be available on processing fee.

He said “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 %.”

TIIC Official revealed that between 2013-14 and 2016-17, TIIC had sanctioned loan worth Rs 5,399 crore and the amount recovered so far was Rs 5,112 crore

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