Kerala Financial Corporation, a leading State Financial Corporation, has completed loan approvals to the tune of ₹10.75 crore for various start-ups without any collateral security. The list of beneficiary start-ups includes Genrobotics Innovations with which it has been associated from the primary stage.
Under the scheme, start-ups with firm purchase orders can avail funds of up to 80 per cent of the work order subject to a maximum of ₹10 crore at an interest rate of 10 per cent. There are also schemes for discounting purchase orders in which cases also the Corporation does not insist on any collateral security.
Kerala Financial Corp extends special loans for construction sector
Special cell
An assistance of up to ₹1 crore will be available for expansion of innovative prototypes related to governance development features. In addition to these, a Startup Guarantee Fund has been set up for which the State Government has earmarked an initial corpus of ₹25 crore.
Kerala Financial Corporation to disburse ₹1,000 cr more loans
The Corporation has taken steps to provide more credit in line with the vision of the government to promote start-ups in all sectors as announced in the Budget, says Tomin Thachankari, Chairman and Managing Director.
A special start-up cell has been set up at the head office to identify potential start-ups and process their applications in a timely manner. Start-ups play a vital role in revitalising the economy after the pandemic, said Thachankari. But they would not be able to grow without timely financial support, he added.