Kerala Financial Corporation (KFC) announced three new loan schemes to help Micro Small and Medium Enterprises (MSME) units tide over the stress due to the economic fallout from the Covid-19 pandemic
Under one scheme, Rs 5 crore will be provided, against work orders, to units engaged in manufacturing products or providing services in fighting COVID-19.
The loan can be used for acquiring equipment, purchasing raw material, or for meeting their financial requirements.
A second loan will provide top-up loans to existing customers to tide over the current situation, without having to provide any additional security.
In one scheme, Rs 50 lakh loan can be availed of by units/entities involved in marketing MSME products or entities supporting the MSME sector.
Kerala Financial Corporation wishes to handhold MSME units at this stage by providing them with various assistance to mitigate disruptions caused by the pandemic. The schemes being announced will ensure the continuity of businesses,” said Sanjay Kaul, Chairman and Managing Director.
KFC has also granted moratorium on loan repayments to existing customers as part of the relief package.