TN signs MoU for developing credit portal for MSMEs


TN signs MoU for developing credit portal for MSMEs

Chennai: According to a statement from the state government, the state government has designed Tamil Nadu Credit Guarantee Scheme (TNCGS) under which loan amount of Rs 40 lakh will be disbursed to MSMEs against 90 per cent guarantee and loan up to Rs 2 crore will be disbursed against 80 per cent guarantee.

The scheme will be jointly implemented by the state MSME department in association with CGTMSE in six months and the state government has allotted Rs 100 crore for the scheme. With an intention to make the scheme completely transparent, the state govt has planned to make the scheme completely online and so a website with all the required links and security will be developed by the state govt in association with CGTMSE.

The Chief Minster also inaugurated coconut coir manufacturing plant in Boodhanur in Thanjavur district which will provide direct employment to 100 persons and indirect employment to another 100 persons.

Meanwhile, the expert committee formed for the revival of MSMEs post COVID-19 pandemic headed by retired IAS officer N Sundaradevan submitted its report to the Chief Minister. The committee, which was formed towards the end of July last year, held more than 60 meetings with 16 associations related to industries and MSMEs, government officials of 33 departments, bank officials, finance companies, experts related to startups and so on and recorded the grievances of MSMEs, the solutions and recommendations.

Earlier in the day, the Chief Minister released a book titled ‘The Molluscs of Gulf of Mannar, India, and Adjacent Waters: A Fully Illustrated Guide’ which has details of marine endangered species. The book was authored by three marine experts from Tamil Nadu, Kerala and Gujarat.