Chandigarh,  June 21 (KNN) The  Haryana State Industrial Development Corporation (HSIIDC) today said it will provide financial assistance of up to Rs 25 crore on a term loan basis to business entities  to set up new projects  or take up expansion of their business in the state.

The projects such as industrial projects, hotels, commercial complexes, industrial infrastructure, working capital term loan and corporate loan will be eligible for the finance by HSIIDC.

Body corporates and partnership firms having manufacturing set up or intending to set up one  Haryana are also eligible for availing financial assistance.

The Corporation provides financial assistance through term loan up to Rs 25 crore for each proposal/company for setting up a project in micro, small and medium enterprises (MSMEs) or large scale sector except micro units or for expansion or diversification and modernization of existing industrial unit in the state.

The service sector entities like hotels, hospitals, warehousing etc. are also considered eligible for financing.

HSIIDC offers a wide range of products to its target customer segments to meet their specific financial needs as like general term loan, equipment finance scheme, line of credit scheme, scheme of corporate loan, financing industrial infrastructure and commercial complexes etc.

The corporation will organise business meets at its Delhi office or other branch offices throughout the year. The event is generally notified through press advertisements in advance or on the website of the corporation. The proposals accepted at Business Meets are straightway allotted for appraisal after approval of the Managing Director.

After the appraisal, the proposal is placed before the Advisory Committee which consists of members from within the organisation as well as outside experts. This Committee looks into various aspects of the appraised project, and its strengths and weaknesses to assess and determine the technical feasibility and financial viability of the proposal.

 
Once the proposal is cleared by the Advisory Committee, it is placed before the authority competent to sanction the loan.The time taken from the receipt of application till sanction of loan is about two months subject to expeditious and timely receipt of complete information from the applicant.