VIJAYAWADA: AP Industrial Infrastructure Corporation (APIIC) has exchanged a Memorandum of Understanding (MoU) with Union Bank. The agreement aims at providing loans to MSMEs at 39 industrial parks in the first phase and other MSMEs in the next phase.
APIIC vice-chairman and MD J Subramaniam described the agreement as another step by the corporation towards the greater good of Micro, Small and Medium Entrepreneurs (MSMEs) under the guidance of Chief Minister YS Jagan Mohan Reddy.
The MoU between APIIC and Union Bank will enable the MSMEs to overcome difficulties in terms of availing credit facilities. APIIC VC & MD Subramaniam and chief general manager of Union Bank/ SLBC Brahmananda Reddy signed and exchanged the MoUs at APIIC headquarters in Mangalagiri.
In the first phase, Union Bank will be a key partner in providing necessary credit facilities to MSMEs in 39 industrial parks identified by the APIIC.
The APIIC VC & MD said that 26 nodal officers from Union Bank and some officers from the APIIC will be appointed in 26 districts for the purpose. He directed the officials to organise special conferences and set-up special stalls in the respective zones for creating awareness among the industrialists on the loan facility.
"The APIIC is playing a crucial role by acting as a bridge between the industrialists and the bankers. The APIIC played a vital role in re-opening/ restarting more than 500 industries belonging to SC and ST entrepreneurs under YSR Jagananna Badugu Vikasam," he said.
Union Bank chief general manager Brahmananda Reddy stated that working with the government of AP and APIIC was a great opportunity. He expressed happiness for being a part of providing credit facilities to the MSMEs.
He stated that they will help the entrepreneurs to avoid delays in loans and build trust amongst the entrepreneurs in the government.
Fast approvals
Union Bank will provide credit facilities to MSMEs in 39 industrial parks
Facility will be extended tothe industrialists
MoU will enable the MSMEs get loan process through within 10 days