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Chief Minister J Jayalalithaa on Sunday ordered extension of a scheme to provide interest subsidy to the loans availed by entrepreneurs through the Tamil Nadu Industrial Investment Corporation Limited (TICC), for running industries in the Micro, Small and Medium (MSME) Sector for one more year.
To help develop the MSME sector in Tamil Nadu, the CMhad already ordered issuing loans through TICC with three per cent interest subsidy during the current financial year.
Of the total subsidy extended to the entrepreneur at the end of the year, the TICC can get a reimbursement up to Rs 25 crore from the State government. The CMhad said after reviewing the scheme during the first year that it would be extended to the second year.
An official press release said entrepreneurs benefitted by the scheme, can also avail other subsidies and incentives offered by the Centre and State governments.
Provision of loans at a nominal interest rate would help entrepreneurs start their industries with small investments and develop financial resources in due course. This, in turn, would help the growth of the MSME sector in Tamil Nadu.
The TICC was started way back in 1949, to encourage entrepreneurs by providing them with financial assistance.
Till now, it has extended a whopping sum of Rs 8,600 crore assistance and helped entrepreneurs establish over one lakh industries.
The TICC has been providing loans to first generation entrepreneurs who are unable to get loans from banks, the release added.
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