NSIC, TMB signed the Memorandum to tap Prospective Entrepreneurs

Tuticorin, Dec 20 (KNN) Tamil Nadu Mercantile Bank (TMB) and the National Small Industries Corporation (NSIC), set up under the Ministry of Micro, Small and Medium Enterprises (MSME), signed a Memorandum of Understanding (MoU) to tap "prospective entrepreneurs".

Memorandum was signed on Monday. TMB, which has more than 40 per cent of its advances to the MSME segment, would offer credit facilities through the MoU with NSIC. The Corporation would operate as a "single point facilitator" for prospective entrepreneurs under the arrangement.

Ravindra Nath, Chairman and Managing Director, NSIC and H S Upendra Kamath, TMB, MD & CEO exchanged documents at a function here on Monday. The release said that NSIC would operate as a single point facilitator, collect credit applications from prospective entrepreneurs and refer suitable candidates to the Bank in order to offer the credit facility. (KNN/RAS)