NORCA – Canara Bank Loan Fair; 9 crore loan proposal
Resident Vice Chairman of Norka Roots P. Sri Ramakrishnan said. He was speaking after inaugurating the NORCA-Canara Bank Pravasi Loan Mela held at Ottapalam.
NORKA ROOTS can play a positive role as the government tries to make Kerala an entrepreneurship friendly state. Banks are keen to lend to large corporates. But the rehabilitation projects of Norka Roots become relevant in the situation where the financial institutions which are supposed to create economic resonances at the bottom floor of the society through small loans are reluctant to do so. NORCA has already organized 50 loan fairs for expatriates, bringing lending institutions and entrepreneurs in need of financing under one roof.
More than 1600 enterprises have been started in last one year through NORCA subsidy. P. said that what made Norka Roots eligible to win the Scotch Awards last year and this year for the best implementation of expatriate welfare projects in India are the resettlement and integration projects that are exemplary for the country. Sri Ramakrishnan clarified.
At the loan fair held at Ottapalam JRJ conference hall, nine crore loans were recommended. This amount will be received for 79 non-resident enterprises. The loan will be made available as soon as the procedures are completed.
Karthikeyan, Chief Manager of Canara Bank. Norka Roots General Manager Ajith Kolassery delivered the keynote address in the inaugural function presided over by K. Ernakulam center manager Rajish about the loan scheme. K. who,
Canara Bank Senior Manager Binil also explained about the bank loan. Norka Asst. Manager Jency Josi thanked for the function.
A total of 125 non-resident entrepreneurs came to participate in the fair. Under the NDPREM scheme, loans are sanctioned to non-resident enterprises ranging from Rs.1 lakh to a maximum of Rs.30 lakhs. Entrepreneurs will get 15 percent capital subsidy for regular loan repayment and 3 percent interest subsidy for the first four years through the scheme. The scheme is being implemented through 19 banking and financial institutions in the state.