The scheme is being funded by the bank’s Credit Guarantee Trust, says SBH Managing Director

Andhra Pradesh :

About 300 weavers from Pedana and 30 toy-makers of Kondapalli, now has some reason to smile. To promote local talent and to help the weavers and toy-makers, State Bank of Hyderabad (SBH) has come out with an innovative loan scheme.

The bank has given loan to the tune of Rs. 50,000 per family or artisan without any collateral security.

Disclosing this to The Hindu here on Monday, SBH Managing Director M. Bhagavantha Rao said that the scheme was designed and initiated to help the internationally renowned toy-makers of Kondapalli and weavers of Pedana. The scheme is being funded by the bank’s Credit Guarantee Trust and we can give loans up to Rs. 10 lakh depending on the strength of the artisan. “Right now we have offered Rs. 50,000 to weavers and the toy-makers as working capital,” he said.

“The loan has come as welcome showers for us. We are in dire straits, running desperately short of working capital and now we have some breathing time with this loan facility,” said U. Ramana Prasad of Kondapalli Bommalu Crafts Development Centre.

Apart from financing the artisans, the bank is also providing opportunity to the artisan to market their products. The weavers and the toy-makers were allowed to put stalls at the launch of the bank’s Vijayawada Zonal Office here on Monday.

source: http://www.thehindu.com / The Hindu / Home> News> Cities> Vijayawada / by Sumit Bhatacharjee / Vijayawada – December 24th, 2013