Loans for youth to set up small units�

Srikakulam: Micro and Small Enterprises Development Corporation (MSEDC) chairman BV Ramarao said that their main aim was to develop micro and small industries. Addressing the media at the Press Club here on Sunday, Mr Rama Rao said that through Credit Guarantee Fund Trust Micro and Small Enterprises Scheme (CGFTMSE), introduced by the Centre, unemployed young girls and boys can avail loans worth Rs 5 lakh to Rs 1 crore without any security or third party guarantee. Due to lack of awareness among entrepreneurs and apathy of bankers, those who use this scheme from other States are more than those in our State, he informed. The Scheme was introduced to solve such problems, he said. The scheme will be inaugurated by the prime minister in August and it will start functioning from September 9, he added. A plan has been formulated to lend to 1,000 persons every year through the scheme that will begin with an investment of Rs 100 crore. Interested unemployed youth will be sanctioned loans and encouraged, he said. Also distribution of raw material necessary for setting up industries, marketing the products nationally and internationally will also be taken up, he added. Efforts are being made to set up industries at district and constituency level in accordance with the raw material available here, he said. This is the first such scheme to come up in the country and all unemployed youth should make use of this, he said. Small industrialists Neeli Nagaraju, Chintalapudi Kiran Kumar, K Harigopal, MMV Suresh and others participated.