United Economic Forum signs MOU with Indian Overseas Bank for Financing MSMEs in Tamil Nadu

Chennai: The United Economic Forum (UEF), an organisation that works to improve socio-economic status of the minority community in India has signed a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB) for financing entrepreneurs from backward communities to set up businesses in Tamil Nadu.

As part of the agreement, entrepreneurs who have been chosen by the UEF, will get term loan / working capital requirements from the bank. The UEF will appoint mentors to guide entrepreneurs for successful implementation of the project, with both IOB & UEF periodically monitoring the progress of the project, a statement from UEF said.

The UEF has also signed an MoU with GK Industries Limited, an industrial house located off Tiruchi-Chennai Highway, around 25 km from Trichy. As part of the MoU, entrepreneurs selected by the UEF will get to set up shop inside the industrial park at preferential rates.

Potential entrepreneurs will be selected through screening by a committee comprising UEF Members who are industrialists, technical experts and finance professionals. The entrepreneurs will be provided required technical skills, counselling and help in drawing up their business plans. UEF will also support to market the finished products through networking, the statement said.

UEF aims to act as a catalyst for economic development of the backward and minority communities through entrepreneurial development, facilitating finance from banks and financial institutions, channelling government grants and subsidy, the statement said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.