Union Bank will offer easy loans to MSMEs in Andhra Pradesh

Union Bank will 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 has said it will avoid loan delays and facilitate quick approvals, as the deal will allow MSMEs to complete loan processing within 10 days.

In the first phase, the bank aims to offer loans to MSMEs in 39 industrial parks and other MSMEs in the next phase.

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APIIC Vice Chairman and MD J Subramaniam described the MoU between the two parties as another step by the corporation towards the common good of MSMEs under the leadership of Chief Minister YS Jagan Mohan Reddy.

In view of the availability of credit lines, the agreement will help MSMEs to overcome difficulties.

The deal was signed by APIIC VC & MD Subramaniam and Union Bank/SLBC Chief General Manager Brahmananda Reddy at APIIC’s headquarters in Mangalagiri.

To carry out the first phase, 26 Union Bank nodal officials and some APIIC officials will be appointed in 26 districts for this purpose.

Subramaniam ordered the officials to organize special conferences and set up special booths in the respective zones to raise awareness among industrialists about the loan facility.

“The APIIC is playing a crucial role in acting as a bridge between the industrialists and the bankers. The APIIC played a vital role in reopening/restarting over 500 industries owned by SC and ST entrepreneurs under YSR Jagananna Badugu Vikasam,” he said. he said she.

Union Bank Chief General Manager Brahmananda Reddy expressed his happiness to be a part of providing credit lines to MSMEs under this collaboration with APIIC. (KNN Office)

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