CICU extends loan mela helping hand for needy businessmen

Ludhiana: In an effort to overcome the problem of shortage of funds being faced by the micro and small scale units of Ludhiana due to the Covid-9 lockdown, the Chamber of Industrial and Commercial Undertakings (CICU) has started organising awareness camps-cum-loan melas for the needy businessmen.
In this event along with sharing knowledge on the businessmen eligibility criteria formalities, on-the-spot in-principle approvals will also be given by the representatives of the banks to the eligible borrowers. The first such camp was held on Thursday at Gill Road office of the association, in which 70 businessmen took part.
Giving more information, Upkar Singh Ahuja, president of CICU, said, “A large number of industrialists and traders have been severely jolted by the Covid-19 lockdown due to which the businesses have been fully derailed and it will take a lot of time for things to get back to normal. The biggest requirement of any businessman right now is easy financing but its not easy to get loans these days due to several reasons. Our association understands all these challenges and that is why we have started a new initiative under which we are bringing multiple banks under one roof, where they will give competitive quotes to the customers under the Pradhan Mantri Mudra Yojana Scheme.”
He said, “Eligible businessmen who fulfil the laid down criteria can get approval for loans of up to Rs 10 lakh and that too on the spot In the first camp which was organised by us on Thursday. Representatives of various banks, including Punjab and Sind Bank, State Bank of India, Punjab National Bank, HDFC, ICICI and Canara Bank camped at the CICU office on Gill Road, Ludhiana, and assessed cases of businessmen for financing. More such camps will be organised by us in the near future as well at regular intervals.”
According to Rajneesh Bansal, another senior office-bearer of CICU, “This camp was a huge success as more than 70 businessmen took part in it and discussed their loan requirements under various schemes with these banks. The bank officials after checking their documents and loan requirement gave in-principle approval to 32 cases to grant them the loans, subject to the completion of formalities.”
He further said, “The remaining participants were advised on what documents they need to have to become eligible for financing under any of the current running loan schemes of the banks. Huge enthusiasm was witnessed among the participants and we have received requests from a large number of businessmen for organising similar camps on regular basis and bring multiple banks to them for financing rather than businessmen going to banks for their requirements.”