Thiruvananthapuram | Chief Minister V D Satheesan on Thursday launched the third edition of the CMEDP, under which entrepreneurs can avail loans of up to Rs 5 crore at an interest rate of six per cent through the Kerala Financial Corporation.
The CM distributed the first set of loans under the revamped Chief Minister's Entrepreneurship Development Programme at a function held here.
Satheesan said the revised scheme increases the maximum loan amount from Rs 2 crore to Rs 5 crore while retaining the interest rate at six per cent per annum.
He announced that the maximum age limit for the principal promoter under the scheme had been raised from 50 to 60 years to encourage greater participation by senior entrepreneurs.
The CM said the government aimed to transform the Kerala Financial Corporation into the country's leading financial institution while strengthening the MSME sector by promoting entrepreneurship and creating large-scale employment opportunities.
He announced that Kerala Financial Corporation's lending limit had been enhanced from Rs 50 crore to Rs 100 crore.
Satheesan said KFC was operating as a profitable financial institution and expressed confidence that its loan assets would grow from the current Rs 9,080 crore to Rs 10,000 crore by the end of the current financial year.
He said young entrepreneurs were coming forward with innovative business ideas and that the government would introduce more initiatives to support them.
He said investors' perception of Kerala was improving and that more investors were showing interest in the state, adding that KFC would roll out further initiatives to support investments.
Health, Devaswom and Family Welfare Minister K Muraleedharan, who presided over the function, said employment opportunities for Malayalis abroad were shrinking and that the government's priority was to create more jobs within the state.
He said the availability of industrial loans at an interest rate of six per cent was significant at a time when many financial institutions charged much higher rates.
Transport Minister C P John said KFC had played a key role in supporting the Kerala State Road Transport Corporation through financial assistance, helping the state-run transport utility improve its operations.
KFC also distributed Platinum, Gold, Silver and Pink Cards to select entrepreneurs during the event.
