Trivandrum: Kerala Financial Corporation (KFC), the premier development financier in the State, has pioneered into the field of financing the entertainment industry and has brought out two schemes, which were launched by the Minister for Finance, Shri K M Mani at Thiruvanathapuram on July 06, 2012. Under the scheme, KFC will finance Rs.2 crores for movies and Rs.20 crores for building multiplexes.
The Minister said that these innovative schemes to make credit available at nominal rates will lead to promoting creative talent and overall development of the entertainment industry in Kerala. He also added that this is probably the first time that a profit making government PSU is getting into financing films based on rights.
Giving details, Yogesh Gupta IPS, CMD, KFC said, “Reputed Producers with established teams can avail short term loans of up to Rs.200 lakhs, to start with, on very easy terms and rates, to finance 50% of the requirements associated with production of Feature Films, Documentaries and TV Serials. Right over negatives, royalties like TV rights, music rights, CD rights, overseas rights, remake rights, etc. will form security for the loan, in addition to 100% collateral coverage.”
For modernisation, upgradation and expansion of existing cinema theatres and for establishment of new multiplexes, KFC will offer loans up to Rs.20 crores, again on easy terms and attractive rates, with provision for routing part of daily collections at these centres to the loan account.
The first cheque of Rs.75 lakhs under the scheme was handed over by the Minister to Sandhya Rajendran and Rajendran, Producers of the upcoming film ‘Hide & Seek’ under the banner of ‘Kalidasan International’, at the function.
Anil V Thomas, General Secretary, Kerala Film Chamber; Sasi Ayyanchira, General Secretary, Kerala Film Producers’ Association and M C Boby, General Secretary, Kerala Film Exhibitors’ Federation were among those present on the occasion.
Kerala Biz News