IOB announces loan of Rs 26 crore during outreach programme at Trichy, Tamil Nadu

On Saturday, January 26^th, the Indian Overseas Bank (IOB), Trichy district, conducted a Micro, Small and Medium Enterprises (MSME) credit support and outreach programme, at Kalaiarangam wedding hall. Several branches of IOB in the Trichy district sanctioned loans amounting to Rs 26 crore, to as many as 259 beneficiaries in the MSME segment, throughout the day.

According to IOB, the programme was aimed at promoting awareness about aspiring entrepreneurs among the general public, as well as existing entrepreneurs, in order to encourage them to leverage the available financial support to scale up their operations.

In the current financial year, IOB branches in Trichy district have provided loans of around Rs 101.42 crore, till now.

The financial aid offered through government schemes like SME easy, Standup India, and Mudra, has helped 7,423 beneficiaries grow their businesses. Karnam Sekar, the managing director and CEO of IOB inaugurated the event. He said, “Through the rural self-employment training institute (RESTI) of IOB, we have trained 78,000 people across the country of which 50,000 beneficiaries were women. Further, we have planned to provide self-employment training to two lakh people in the state for promoting entrepreneurship.”

District collector S Sivarasu added, “By providing documents as sought by the bank, aspiring entrepreneurs can secure loans at ease. With the District Industries Centre (DIC) guiding the aspiring entrepreneurs, the schemes provided by government for the development of the MSME sector should be utilized to generate employment.”