The Andhra Pradesh State Financial Corporation (APSFC) has cleared proposals for 53 units worth Rs. 229 crore in the four north Andhra districts of Srikakulam, Vizianagaram, Visakhapatnam, and East Godavari.
Speaking after launching a business development campaign for the four districts here on Wednesday, APSFC Managing Director W.V.R Murthy said nearly 70 per cent of the amount would be sanctioned and disbursed soon. Most proposals (9) were in the food processing and agri-business sector, amounting to Rs 50 crore, followed by software units (8) amounting to more than Rs. 40 crore. He said the APSFC had recently cut interest rates by 50 points and the minimum lending rate at present was 12.5 per cent, which was higher by 1 per cent than that offered by commercial banks. “We borrow from banks and lend it to the units. We do not have refinance facility,” he explained.
He said last year (2015-16), the APSFC disbursed Rs. 450 crore and the target for the year was Rs. 750 crore. “It's an ambitious target but we are confident of achieving it,” he said. The APSFC was focusing on extending loans to the MSMEs, the service sector and commercial and residential projects, he added. Mr. Murthy said business development campaigns would also be held at Vijayawada on Friday and at Tirupati on June 30.
He said the process of bifurcating the APSFC was going on with a separate division for Telangana. Recently, the APSFC set up an office in Kakinada and one more would be set up soon in Chittoor.
Corporation Executive Director E. Chengalarayulu, General Manager N. Prasada Rao and senior officials and customers were present.
