Tamilnadu Industrial Investment Corporation (TIIC) has launched a scheme to help MSMEs get all the mandatory approvals before the units go in for loans.
The TIIC, Bank of Baroda (BOB), and Coimbatore District Small Industries Associations (Codissia) recently organised a special campaign to explain to MSME entrepreneurs the fund-based and non-fund based services that TIIC and BOB offer.
V. Thirugnanam, president of Codissia, said the TIIC and BOB would soon sign an MoU. Under the total cost of ownership programme of TIIC, the Corporation would facilitate the mandatory approvals for MSMEs. It would lend for plant and machinery and for other financial needs of an industry, the borrower could opt for the products of Bank of Baroda, he said.
“This is a very good move by TIIC to address the different financial and non-financial requirements of MSMEs,” he said. About 400 MSMEs participated in the campaign held here.
A release from TIIC said its Chairman and Managing Director, Hans Raj Verma, Chief General Manager of Bank of Baroda, Rajan Malhothra, and General Manager of Bank of Baroda, Saravana Kumar spoke about the schemes. Mr. Thirugnanam and former president of Codissia A.V. Varadharajan spoke about the financial needs of industrial sectors in Coimbatore and loans available from TIIC.
Mr. Verma emphasised the importance of adoption of latest technology and global innovations by MSMEs in Coimbatore to retain their leadership in the industrial sector. He urged the industrialists and new generation entrepreneurs to use the government schemes and subsidies in full and use the source of funds from TIIC and Bank of Baroda.
Mr. Thirugnanam added that the TIIC had also shifted its Coimbatore branch office, SIDCO branch office and regional office to the Codissia building on Huzur road, where it had occupied nearly 4,000 sq.ft.
