THIRUVANANTHAPURAM: The Kerala Financial Corporation (KFC) has enhanced the loan limit for the Chief Minister’s Entrepreneurship Development Programme (CMEDP) to Rs 5 crore. Chief Minister V D Satheesan had announced in the budget that the scheme’s upper limit would be raised from Rs 2 crore to Rs 5 crore.
The annual interest rate for CMEDP loans is 6%. The upper age limit for chief entrepreneur has been increased to 60 years. Loan distribution as per the revised scheme will commence soon, said the KFC.
The CMEDP is a scheme providing loans at low interest rates to micro, small and medium entrepreneurs. According to the KFC, with the enhancement of the loan limit, entrepreneurs will have the opportunity to start more innovative and expansive enterprises and also expand existing ones.
The government’s objective is to further strengthen CMEDP to promote entrepreneurship and the growth of the MSMEs, the CM said. The scheme will help create new enterprises and develop existing ones. More job opportunities will be created benefitting the state’s economic growth, he added.
KFC MD N S K Umesh said CMEDP has empowered thousands of enterprises in the state. So far, loans worth Rs 1,512.38 crore have been sanctioned for 3,149 enterprises. About 94,500 direct and indirect job opportunities have been created through them.
Entrepreneurs with Udyam Registration can submit their loan applications through the nearest KFC branch or online (www.kfc.org).