The scheme which will be implemented through Tamil Nadu Industrial Investment Corporation (TIIC) will provide financial assistance up to Rs 75 lakh to MSME units assisted by TIIC without any additional collateral security and processing fee.
This will help MSMEs to tide over the liquidity constraints caused by the second wave of COVID pandemic and to meet the challenges of the new normal.
The Minister also handed over loan sanction orders for three MSME units for the loan amount of Rs 3.49 crore, while launching the scheme.
As many as 1,400 MSME units will be benefitted to the tune of Rs 350 crore under the scheme, said the Minister, after launching the scheme.
TIIC also entered into a Memorandum of Understanding (MoU) with Tamil Nadu Small and Tiny Industries Association Freidrich Naumann Foundation (TANSTIA FNF) and Centre For Entrepreneurship Development And Incubation, National Institute of Technology, Tiruchirappalli (CEDI NITT) respectively, in the presence of Industries Minister on Friday.