KSSEDM BENEFICIARIES RECEIVE FINANCIAL ASSISTANCE

At a grand function at IMA House, Kaloor, Ernakulam, the first batch of beneficiaries of
the Kerala State Self Entrepreneur Development Mission (KSSEDM) received cheques for
funding the projects set up under the mission from the Honourable Minister for Finance
Shri K M Mani.

The function, presided over by Shri Hibi Eden, MLA, was also graced by the presence of
Shri Tomy Chammany, Mayor, Kochi Corporation.

Senior functionaries of the funding agencies that provided these loans were also present
to hand over the cheques.

Shri Yogesh Gupta, IPS, Chairman and Managing Director, KFC welcomed the
participants, Shri M Mushtaq Ahamed, Chief Coordinator, KSSEDM presented the report
and Shri Premnath Ravindranath, General Manager, KFC proposed vote of thanks.

KSSEDM is the most ambitious scheme of the Government aiming at reducing
unemployment, promoting industrial development, inculcating entrepreneurial trends,
etc. through providing interest free loans up to Rs 20 lakhs to a promoter group
involving educated unemployed youth in the age group of 21 to 40, for setting up viable
industrial projects.

The Mission aims to create 10,000 enterprises, 50,000 entrepreneurs, 50,000 direct
employment and over 5 lakh indirect employment in five years.

The implementation by the nodal agency, Kerala Financial Corporation has been well
planned, smooth and fast. Within six months of the official launch of the Mission on
February 02, 2012 at Nishagandhi Auditorium, Kanakakunnu, Thiruvananthapuram, 276
enterprises and 674 entrepreneurs associated with them have been selected, trained
meticulously for four weeks and guided through the doors of licensing and financing.
As on date 70 enterprises have been sanctioned financial assistance, viz. 41 by Punjab
National Bank, 24 by Kerala Financial Corporation and one each by Syndicate Bank,
Central Bank of India, Canara Bank, Vijaya Bank and Nadakkal Service Cooperative
Bank. It was these enterprises that were provided with cheques for financial assistance
at the meeting at Kochi on the day.

With the entry of Kerala Financial Corporation as a funding agency for the scheme,
the momentum has picked up and all the remaining enterprises are also likely to be
sanctioned financial assistance in a couple of weeks’ time.

In the initial phase of registrations in December 2011 – January 2012, 4,015
registrations were received, out of which 2,455 were found eligible for selection. The
seven member selection committee at the Districts involving representatives from
related departments of the government, banking sector, training institutes and industry
representatives discussed the proposals with prospective entrepreneurs and selected
over 650 enterprises for considering for providing financial assistance. Out of these
promoters of 231 enterprises completed training during February-March 2012 bringing
with them 571 entrepreneurs.

These promoters have been in the process of implementing their dream projects. Two of
them have started operations by now.

The remaining selected candidates are being provided training now. After completing
training 45 more enterprises (108 entrepreneurs) have become eligible for availing
financial assistance. Promoters of another 37 enterprises (93 entrepreneurs) are now
undergoing training and those of 98 enterprises (257 entrepreneurs) are proposed to
be trained during August 2012. Thus by the end of August 2012 the Mission would have
made 411 enterprises (1,024 entrepreneurs) eligible for funding.

Meanwhile to improve the quality of service, transparency of operation and to make
available timely information, the whole process up to the stage of availing financial
assistance has been computerized and registrations have been made online.

The registration is open currently and will remain open till August 18, 2012. Prospective
entrepreneurs are now to register online through the website of KFC www.kfc.org, take
a print out of the registration form and submit it to the local body for verification of
location and nativity of the promoters. The local body will in turn forward the application
to the nearest office of KFC. From this stage onwards all developments with regard
to the registration will be intimated to the applicants through auto-generated SMS /
Mails. The applicants can also know the status of their application by logging on to
www.kfc.org.

After the closing of registrations on August 18, 2012 selection committees will meet in
various districts to grade the enterprises and enterprises receiving required grades will
be made eligible for availing financial assistance after imparting four-week training to the
promoters.