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The Finance Minister, Mr K.M. Mani, has launched two financial products packaged by Kerala Financial Corporation (KFC) for the entertainment sector.
Celebrities from the Malayalam tinsel world were among those who were present at the launch function held here on Friday.
CREATIVE TALENT
The two products would promote creative talent in the state and also help overall development of entertainment industry, said Mr Yogesh Gupta, chairman and managing director, KFC.
The first product envisaged financial assistance for producing feature films and television serials, Mr Gupta said.
To start with, reputed and experienced producers with established teams can avail short term loans of up to Rs 2 crore on very easy terms and rates.
Up to 50 per cent of the finance needed for production of feature films, documentaries and television serials are made available in this manner.
COLLATERAL COVER
The amount would be advanced against the security of the right over negatives and royalties like television, music, CD, overseas and remake rights.
This will be in addition to 100 per cent collateral coverage, Mr Gupta said.
The second product involves assistance for modernisation, upgradation and expansion of existing cinema theatres and for the establishment of new multiplexes.
This is borne from the realisation that theatres have grown to become places of recreation for the whole family and social groups.
To cater to this requirement, conventional cinema house need to renovate judiciously and new ones need to be designed along those lines.
PART COLLECTION
The new KFC product offers loans up to Rs 20 crore on easy terms and attractive rates, with provision for routing a part of daily collections at these centres to the loan account.
Mr Gupta said that entertainment has been receiving a lot of importance in the country in recent times.
From being declared an industry to highlighting the role of cinema and other audio-visual media in evolving the thinking of the public, governments have been working towards making this sector perform and contribute positively.
KFC was merely trying to chip in, to promote this and other sectors which have had a historically significant past in Kerala.
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