Corporation bank has come up with an exclusive branch to offer finance for the SME start-ups along with SIDBI (Small Industries Development Bank of India). The bank believes that this sector is imperative for the reformation of economy and making possibil
Corporation bank has come up with an exclusive branch to offer finance for the SME start-ups along with SIDBI (Small Industries Development Bank of India). The bank believes that this sector is imperative for the reformation of economy and making possibilities in employment.
In the past five months, the bank has opened 15 SME loan centres in different locations in the country. These branches have generated a business of around Rs 1,650 crore during this period. The bank has anticipated that these branches would help generate around Rs 5,000-crore worth of business during the fiscal. The 16th SME loan centre will be opened in Jaipur on December 4.
“This is only to encourage the small business in India, Corporation Bank has extended loan offers to micro and small enterprises up to Rs 1 crore at very low rate of interest, keeping in mind the benefit for women entrepreneurs and the processing is also totally waived,” said B.B Tejappa, General Manager of the bank.
Corporation Bank had opened ‘small B’ a branch for financing SMEs in Bangalore at the mid of October. The only focus of the branch is to finance the innovative startup SMEs and it will be able to give a boom to the star ups.
Till now the bank has financed four innovative start-up SMEs with collateral free finance.
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