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Andhra Pradesh State Financial Corporation receives proposals worth `325 crore
APSFC Managing Director WVR Murthy, who led the campaign, said that the proposals covering the sectors of mineral, agro and food processing, engineering, steel, ferro alloys, plastics, printing, packaging, residential and commercial projects, multiplex and theatres, cotton and textiles, bulk drugs and chemicals, hospitals, hotels and marketing assistance.
Tirupati: Andhra Pradesh State Financial Corporation (APSFC) has received 59 proposals worth Rs 325 crore at the Business Development Campaign (BDC) covering four Rayalaseema districts and Nellore held here on Thursday for providing financial support to enthusiastic entrepreneurs for setting up units.
APSFC Managing Director WVR Murthy, who led the campaign, said that the proposals covering the sectors of mineral, agro and food processing, engineering, steel, ferro alloys, plastics, printing, packaging, residential and commercial projects, multiplex and theatres, cotton and textiles, bulk drugs and chemicals, hospitals, hotels and marketing assistance.
The proposals ranged from Rs 2 crore to Rs 20 crore, he averred. He said that the BDC in Tirupati is the third and last being held in the State after Vijayawada and Visakhapatnam and claimed that the response in all the BDCs was very good and exuded confidence that the corporation could easily achieve the target of Rs 1,000 crore set this year for providing financial support to entrepreneurs.
Murthy said that the corporation has given on the spot in principle approval for proposals worth Rs 300 crore based on eligibility criteria. The corporation has recently reduced interest rate by 50 basis points, he added.
The APSFC MD said that the corporation provides various flexible schemes of financial assistance to meet the needs of entrepreneurs such as term loans for industrial units, medium term loans and financial assistance for SC and ST entrepreneurs. The APSFC Executive Director E Chengalrayulu, general manager N Prasada Rao, Tirupati branch manager Padmasekhar Reddy and others were present.
