The Hindu : Tamil Nadu / Chennai News : Bank to offer seed capital

Online edition of India's National Newspaper
Sunday, Jul 08, 2007
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Tamil Nadu

Tamil Nadu - Chennai

Bank to offer seed capital

Special Correspondent

Bid to encourage women entrepreneurs

Rate of repayment by SHGs was more than 93 per cent
Indian Bank keen on advancing more educational loans

CHENNAI: Indian Bank is willing to offer Rs.5 lakh as seed capital, without any collateral security, to encourage women entrepreneurs and work closely with the Tamil Nadu Small and Tiny Industries Association to formulate loan schemes for women.

Inaugurating a two-day seminar on “Empowering women through entrepreneurship,” organised by the TANSTIA Friedrich Nauman Foundation Service Centre, bank Executive Director A. Subramanian said it was running an exclusive cell to extend financial assistance for women.

It was already working along with the Small Industries Service Institute (SISI). It had so far offered Rs.1, 732 crore in loans to 3.87 lakh women in Tamil Nadu. The credit worthiness among women was good: the rate of repayment by self-help groups was more than 93 per cent, and it was 99.5 per cent among other categories.

Mr. Subramanian said the bank was keen on advancing more educational loans. No student should suffer for want of financial assistance.

TANSTIA president A. Shanmugavelayuthan wanted Indian Bank to set an example for other banks by voluntarily increasing its share of loans to women entrepreneurs.

TFSC chairman T.S. Dhanapalan said the Centre, set up in 1992, was disseminating information among budding entrepreneurs, operating a consultancy cell and conducting training programmes for them.

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