Tamil Nadu govt inks MoU with TANSIDCO & TAICO Bank for co-lending & execution of MSME schemes

Chennai, 9 Dec (KNN) To support and help MSMEs, the Tamil Nadu government announced that a MoU has been signed between Tamil Nadu Industrial Investment Corporation Ltd (TIIC) and Tamil Nadu Small Industries Development Corporation (TANSIDCO).

The agreement was signed in the presence of Industries Minister Thangam Thennarasu and MSME Minister T M Anbarasan to ensure proper and timely implementation of industrial MSME schemes, as published in ET.

Through this association, TIIC has also partnered with Tamil Nadu Industrial Co-operative Bank Ltd  (TAICO Bank) to manage co-lending activities which will be provided to MSMEs.

Further MSME units, under this loan which provides interim loan can get their plots earliest so that they can start their commercial operations without any delay.

To get working capital along with term loans for fixed asset creation for MSMEs is the chief objective of this partnership between TIIC and TAICO Bank.

With this MSMEs will play a significant role in achieving Chief Minister M K Stalin’s ambition of making Tamil Nadu a USD 1 trillion economy by 2030.