Special Correspondent

CHENNAI: Banks should help genuine micro, small and medium enterprises (MSMEs) whenever the latter approached them for financial assistance without any collateral. Besides, the State government should offer incentive to rural-based industries, said CavinKare chairman and managing director C.K. Ranganathan here on Thursday.

Addressing members of the Indo-American Chamber of Commerce, Tamil Nadu Branch, on ‘the road to success’ topic, Mr. Ranganathan said they also struggled for three years to get the first bank loan as they did not have any collateral to offer. But the company was paying taxes every year. This helped the company to a great extent.

Mr. Ranganathan, who is also the chairman of the Confederation of Indian Industry Tamil Nadu State Council, said “businessmen should operate within the legal framework. Businessmen do not need deep pockets to take on multinational companies.”