TIIC has concluded two MoUs with TANSIDCO and TAICO Bank (Tamilnadu Industrial Co-operative Bank Ltd) Bank in the presence of Minister of Industry Thangam Thennarasu and Minister of MSMEs TM Anbarasan for smooth implementation of the program of industrial infrastructure initiative for MSMEs.
TIIC, in association with Tamil Nadu Small Industries Corporation, has also partnered with TAICO bank to undertake co-lending activities to support MSMEs respectively, according to an official statement here.
The MoUs would enable TIIC, TAICO Bank and TANSIDCO to contribute to the realization of Chief Minister MK Stalin’s vision of making the state of Tamil Nadu reach the economy $ 1 trillion by 2030.
The government said TIIC introduced the Industrial Infrastructure Initiative Scheme with the aim of providing financial assistance to MSMEs to purchase plots in the industrial zones of the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) and TANSIDCO for there. install their units.
“The interim loan granted under this program enables MSME units to obtain their plots as soon as possible so that they can start their commercial operations without delay,” the statement said.
The continued availability of working capital propels MSMEs to grow and expand, thus ensuring their viability, in addition to providing them with a cash cushion to run their operations, he said.
TIIC and TAICO Bank have decided to enter into a memorandum of understanding for co-lending activities in order to facilitate state MSMEs in obtaining working capital as well as term loans for the creation of ‘fixed assets.