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2015-02-09

CII launches SME Finance Facilitation Centre in Vijayawada

Since its launch in June 2014, the CII FFC facilitated sanctioning of around Rs 70 crore loan to SMEs.

CII has launched the SME Finance Facilitation Centre in Vijayawada on a seminar 'Empowering SMEs' to address the financial needs of SMEs.

"Listing of the company on BSE or NSE and the MSME credit rating are important to get finance from banks or other institutions," Krishna District Industries Center GM G Rajendra Prasad said. 

He has also shed light on the scheme offered by the MSME Ministry-Credit Guarantee for MSME with no collateral and the Credit Linked Capital Subsidy Scheme. "Under this scheme, each unit could avail 15 per cent of capital subsidy up to Rs 1 crore investments. The MSME Ministry was currently focusing on Cluster Development and Vendor Development Schemes," added Prasad.

"The Micro, Small and Medium sector is of critical importance in reviving growth. While the government of India has been taking several measures to promote SMEs, access to finance always remains an issue which requires major attention," said CII Vijayawada past chairman YV Krishna Mohan.

"The SMEs are facing lot of issues due to raise in cost of raw material and lower demand and also high cost of accessing finance.  The SMEs are the backbone of CII's membership and it is CII's endeavour to address the issues faced by SMEs, enable them to function effectively," added Mohan.

"In CII membership, there is a pressing need for setting up a support centre to ensure that SMEs are provided with credit at cost effective and affordable rates, to meet their demands for working capital and expansion. The CII has established an online SME Finance Facilitation Centre (FFC) to provide advisory and credit facilitation to such companies. This facilitation centre helps the CII SME members to link them to financial institutions," he added further.

Since its launch in June 2014, the CII FFC facilitated sanctioning of around Rs 70 crore loan to SMEs through the partnering banks and financial institutions in the sectors of infrastructure, agro, IT, manufacturing, etc. CII is also planning a similar facilitation centre for SMEs in the insurance sector.

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