Chennai: With a view to create more entrepreneurs in the Micro Small Medium Enterprise (MSME) sector, Tamil Nadu Industrial Investment Corporation (TIIC) will provide new loans with a three percent interest waiver in the current year, an official release in Chennai said.

Chief Minister J Jayalalithaa has directed that TIIC, a state government undertaking, is eligible for a Rs 25 crore reimbursement under this scheme by the year-end, it said.

After reviewing the scheme in the first year, she has directed it to be extended for one more year, the release said.

It added that the beneficiaries could also avail other financial assistance offered by Central and state governments.

Incorporated in 1949, TIIC has so far distributed assistance to the tune of Rs 8,600 crore and helped in creating one lakh manufacturing units, the release said.

(Agencies)

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