Rs 23 crore distributed to 85 enterprises

The State government has launched its ambitious Kerala State Self-Entrepreneur Development Mission (KSSEDM).

State Finance Minister K.M.Mani distributed cheques worth Rs 23 crore to the first batch of beneficiaries of the scheme at Kochi.

The Minister said on the occasion that the scheme is aimed at reducing unemployment, promoting industrial development and inculcating entrepreneurial trends through providing interest-free loans up to Rs 20 lakh for setting up viable industrial projects.

Initially, 571 entrepreneurs will start their own enterprises. Providing interest-free loan to a promoter group involving educated unemployed youth in the age group of 21 to 40 is the biggest attraction of the scheme. The Mission, he said, is aimed at creating 10,000 enterprises, 50,000 entrepreneurs, 50,000 direct employments and over 5 lakh indirect employments in the next five years.

Kerala Financial Corporation is the nodal agency implementing the scheme, which was officially launched in February in Thiruvananthapuram.

Chairman and managing director of KFC Yogesh Gupta said that the implementation of the scheme was well-planned, smooth and fast. Within six months of the official launch of the Mission, he said 276 enterprises and 674 entrepreneurs associated with KFC have been selected, trained meticulously for four weeks and guided through the doors of licensing and financing.

As on date, 85 enterprises have been sanctioned financial assistance. It was these enterprises that were provided with cheques at the meeting in Kochi.

With the entry of KFC as a funding agency for the scheme, he said, the momentum has picked up and all the remaining enterprises are also likely to be sanctioned financial assistance in a couple of weeks’ time.

Meanwhile, to improve the quality of service, transparency of operation and to make available timely information, the whole process up to the stage of availing financial assistance has been computerised and registrations have been made online.

The registration is open currently and will remain open till August 18. Prospective entrepreneurs are now to register online through, he said.


(This article was published in the Business Line print edition dated July 30, 2012)
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