Tamil Nadu Industries Investment Corporation (TIIC) will organise a one-day loan mela at Hotel Sakunthala International at Vannarpet here on Tuesday (May 18) in which officials from various government departments will participate to explain the loan schemes and subsidy components available with their departments for industrial development in this underdeveloped region.

According to Collector M. Jayaraman, the TIIC, which has so far given loan assistance for establishing over 4,500 business units in the district, also extends credit facility for constructing hospitals, lodges, marriage halls, commercial complexes, buying medical equipments, generators, windmills, commercial vehicles etc. with the prime objective of creating new industrial units. Loan upto Rs. 5 lakh is being given without any collateral.

Since the TIIC could give loan assistance to the tune of Rs. 21 crore during last fiscal, it has been proposed to increase this year's target to Rs. 42 crore.

“To achieve this loan target, we've planned to organise a mega loan mela on May 18, in which assistance to the tune of Rs. 2 crore will be disbursed to the entrepreneurs,” Mr. Jayaraman said.

As senior officials from different government departments including Small Industries Development Corporation (SIDCO), State Industries Promotion Corporation of Tamil Nadu (SIPCOT), District Industries Centre (DIC) would participate in this camp to explain in detail about selection of machineries required for various industries, loan subsidies, new schemes and policies recently formulated by the State and Central Governments to help the aspiring entrepreneurs, it would be a great opportunity for the budding industrialists, Mr. Jayaraman said.

More In: Tamil Nadu | National