Entrepreneurs Flourishing in Karur, Tamil Nadu with PMMY Support
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Synopsis
In Karur, Tamil Nadu, the Pradhan Mantri Mudra Yojana (PMMY) is empowering entrepreneurs like Kaviyanand Bharathi, who launched a successful natural products company. This government initiative, led by Prime Minister Narendra Modi, offers crucial financial support to small businesses, fostering community growth and inspiring others to pursue entrepreneurship.
Key Takeaways
- PMMY supports entrepreneurs in India with financial aid.
- Kaviyanand Bharathi's success exemplifies the program's impact.
- Loans up to Rs 10 lakh help small businesses thrive.
- Beneficiaries are categorized into SHISHU, KISHORE, and TARUN.
- Eligible MLIs include banks, MFIs, and NBFCs.
Karur, Tamil Nadu, March 18 (NationPress) In the heart of Tamil Nadu, entrepreneurs are building their success stories from the ground up, thanks to the Pradhan Mantri Mudra Yojana (PMMY). This ambitious government initiative, introduced by Prime Minister Narendra Modi, aims to boost the entrepreneurial spirit by providing financial assistance to small businesses across India.
One remarkable success story is that of Kaviyanand Bharathi, a young engineer hailing from Karur. After earning his engineering degree, Bharathi was uncertain about his career direction. His pivotal moment arrived in 2017 when he learned about the PMMY and made the decision to enter the business realm. Utilizing the scheme’s funding, Bharathi established a company that produces natural products such as coconut oil and groundnut oil.
Since that time, his business has thrived. Bharathi has not only repaid his initial loan promptly but has also secured further funding to expand his operations. Thankful for the opportunities afforded by the scheme, he has become a source of inspiration for other aspiring entrepreneurs in his community.
"I urge my fellow youths to seize the opportunities presented by PMMY and embark on their entrepreneurship journey," Bharathi commented to IANS.
Local residents, such as Siva Subramaniam, have praised Bharathi’s products, highlighting that they are made using traditional, natural methods, making them a healthier choice.
The PMMY, a critical initiative of the Centre, provides loans of up to Rs 10 lakh to small, income-generating businesses across sectors like manufacturing, trading, and services. It is specifically created to support micro-enterprises in agriculture and associated fields, including poultry and dairy farming. Beneficiaries are categorized into three groups: SHISHU, KISHORE, and TARUN, based on the growth stage of their business and financial requirements.
Loans under the Pradhan Mantri Mudra Yojana can be accessed through eligible Member Lending Institutions (MLIs), including public and private sector banks, state-run cooperative banks, regional rural banks, microfinance institutions (MFIs), non-banking finance companies (NBFCs), small finance banks (SFBs), and other financial intermediaries approved by Mudra Ltd.
This transformative scheme is providing countless entrepreneurs like Bharathi with the opportunity to thrive and contribute positively to their communities.
