APSFC to cater to MSME sector in a big way

Kakinada: The APSFC (Andhra Pradesh State Financial Corporation) in order to cater to the changed needs of industrial activity decided to extend financial assistance for MSME (Micro Small and Medium Enterprises) in a big way in East Godavari.

With a target of Rs 75 crore for 2016-17 out of which Rs 40 crore for Kakinada division and rest of Rs 35 crore for Rajamahendravaram divisions, the APSFC authorities are targeting first generation entrepreneurs for extension of lending in the district.

With hassle free sanction in a span of one week time for the limits of Rs 10 lakh to Rs 50 lakh at branch level the authorities can fulfill the requirements up to Rs 20 crore subject to clearance by higher ups. With collateral security mandatory, the authorities extend loan facility to trade, business, to medical professionals for construction of nursing homes and for allied activity also.

As far as achieving of targets concurred, both Kakinada and Rajamahendravaram division offices fulfilled their targets by 75 percent in the current financial year of 2016-17 by March second week and hoping to complete the same by the end of the month.

In Kakinada division we extended loan to 11 units to the tune of Rs 24 crore by March first week said the Kakinada division manager N. Bala Maddilety. “We clear the loan application within one week’s time as we have the infrastructure of legal opinion and valuator facilities. In this aspect we accept urban properties as collateral security” the official said. “We are hoping to achieve Rs 50 crore target for 2017-18 in Kakinada division alone” he informed.

An entrepreneur Thota Subrahmanyam who established Elite Natural Oils at Tatiparti in Gollaprolu mandal in the district said that their unit got assistance from APSFC to the tune of Rs 6.1 crore this year. “We are makers of natural oils apart from biodiesel and planning to export the same shortly” he said.