The state-owned Puducherry Industries Promotion Investment and Development Corporation (PIPDIC) has relaxed rules to encourage local entrepreneurs to start micro enterprises in the Union Territory.
Managing Director of the Corporation T Karikalan said, in a release, that the Board of Directors of the Corporation has relaxed existing norms relating to debt equity and lease deed.
The Board has now decided that unregistered lease deeds relating to the premises of the units be accepted for loans up to Rs 25 lakh instead of registered lease deeds, it said.
Similarly the debt equity norms of 2:1 presently followed for loan amount above Rs 10 lakh is now relaxed to 3:1 for loan amount up to Rs 25 lakh and the promoter's contribution has been reduced from 33.33 per cent to 25 per cent, the release added.
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