185 Non IT Start Ups to set up by Kerala Financial Corporation

Published on: 07 Feb, 2013
Published under: Ernakulam District News, Kerala Business News, Kerala Technology News

6 Feb 2013

Kerala Financial Corporation (KFC), the nodal agency for the implementation of Kerala State Entrepreneur Development Mission (KSEDM), will help set up 185 non IT startups by the end of current fiscal year, said Yogesh Gupta, chairman and managing director of KFC.

Under KSEDM, KFC invites applicants and vets their projects and help liaison with banks to fund the selected projects. “During the initial stages, banks were reluctant to offer loans to these entrepreneurs, but this has changed now,” he said. Each entrepreneur is offered Rs 4 lakh to start a business and up to Rs 20 lakh for a group of five. However, applicants with MBAs and BTechs are offered up to Rs 10 lakh to start a business or industry of their own. As the government pays the interest cost through KFC to banks, the new business owners don’t need to pay any interest at all.

Source– http://timesofindia.indiatimes.com/city/kochi/Kerala-Financial-Corporation-to-nurture-185-non-IT-startups-by-FY13-end/articleshow/18360921.cms

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