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Micro and small scale industries (SSIs) in Karnataka to get interest subsidy of six per cent for their loan availed from Karnataka State Financial Corporation (KSFC).
A Government Order to this effect was issued on June 10. Interest subsidy for loans availed from Karnataka State Financial Corporation (KSFC) is also eligible.
Mysore Industries Association (MIA) thanked the Karnataka chief minister Siddaramaiah for fulfilling his 2014-15 Budget commitment of providing loan to SSI at six per cent interest rate.
“During the pre-budget proposals meetings and at other occasions Mysore Industries Association (MIA) had been pursuing the government to provide loan for small scale industries at low interest rate as given to SC/ST entrepreneurs at four per cent,” said MIA President P Vishwanath.
SSI investment limit is ₹5 crore as per MSMED Act. But Karnataka Government limited this interest subsidy facility for the projects upto ₹1 crore and in place of interest rate of six per cent it has been made interest subsidy of six per cent resulting SSI to pay eight per cent interest,” said Suresh Kumar Jain, General Secretary MIA.
Recently, MIA had requested Karnataka SSI Minister Sathish Jarkhiholi to direct the government to enhance the limit of investment to ₹5 crore and fix six per cent interest rate as committed in the State Budget.
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