MAPUSA
The Chairman of Economic Development Corporation (EDC), Sadanand Tanavade on Tuesday said the corporation has taken steps to simplify the loan disbursement process so that more people are encouraged to come forward and start their own business.
“We minimized several formalities to fast track loan disbursement. EDC has also reduced interest rates for micro, small and medium enterprises (MSME) term loan borrowers from 10.50 per cent to 9.50 per cent per annum,” Tanavade said.
He said the government wanted people to take loans and do business in the State’s ‘modified interest rebate scheme’.
The government has offered a 2 per cent rebate for any youth who wants to start a business and a further 2 per cent rebate for a woman who partners with the youth.
A further rebate of 5 per cent has been offered to the borrower if he is from talukas like Sattari, Darbandora, Canacona, Quepem, Bicholim, Pernem and Sanguem.
“So a Goan who is ready to start a business gets 2 per cent rebate on interest and if he partners with his wife or sister he gets another 2 per cent off on the interest. And again if he comes from any of the backward talukas then he gets a further 5 per cent rebate on the interest. So a person can effectively get a loan at 0.5 interest rate,” Tanavade explained.
He disclosed that 32 borrowers took the benefit of the scheme last year.
