Union Bank to offer easy loans to MSMEs in Andhra Pradesh
Vijayawada, July 19 (KNN) Under the partnership with AP Industrial Infrastructure Corporation (APIIC), Union Bank has agreed to provide easy loans to MSMEs in Andhra Pradesh.
The Bank said it will avoid delays in loans and facilitate quick approvals as the agreement will allow MSMEs to get loan processing within 10 days.
In the first phase, the bank aims to offer loans to MSMEs in 39 industrial parks and to other MSMEs in the next phase.
APIIC Vice President and MD J Subramaniam described the MoU between the two parties as another step by society towards the greater good of MSMEs under the leadership of Chief Minister YS Jagan Mohan Reddy.
Given the credit facilities available, the agreement will help MSMEs overcome difficulties.
The pact was signed by APIIC VC & MD Subramaniam and Union Bank/SLBC Chief Managing Director Brahmananda Reddy at APIIC Headquarters in Mangalagiri.
To carry out the first phase, 26 Union Bank nodal agents and some APIIC agents will be appointed in 26 districts for this purpose.
Subramaniam ordered officials to hold special lectures and set up special booths in the respective areas to sensitize industrialists about the loan facility.
“APIIC plays a crucial role in acting as a bridge between industrialists and bankers. APIIC has played a vital role in reopening/restarting over 500 industries owned by SC and ST entrepreneurs under YSR Jagananna Badugu Vikasam “, did he declare. said.
Union Bank Managing Director Brahmananda Reddy expressed his pleasure to be involved in providing credit facilities to MSMEs through this collaboration with APIIC. (KNN Office)