KFC to start venture capital fund for start-ups

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Trivandrum: The Kerala Financial Corporation (KFC), a public sector enterprise of Kerala Government, was in the process of launching a venture capital fund for providing need-based funding for startups and this will be managed by a professional body.

This was disclosed by Finance Minister Shri K M Mani at a function in Thiruvananthapuram to mark the diamond jubilee celebrations of KFC. He added that KFC had already begun funding such projects at the Technopark Incubation Centre, Start-Up Village, Kochi, and professional and institution-based incubation centres under the Kerala State Entrepreneurship Development Mission (KSEDM) through which as many as 3,000 entrepreneurs have been trained and 165 start-ups have been launched. The Corporation was also supporting innovative projects being set up under the guidance of the Coconut Development Board, Spices Board, Rubber Board, and Coir Board.

In his inaugural address, Kerala Governor Shri Nikhil Kumar said that Kerala Financial Corporation (KFC) has a key role to play in strengthening and stabilising the industrial sector in Kerala by providing affordable credit while at the same time bringing down non-performing assets.

“KFC was instrumental in promoting start-ups, inviting investment and ensuring credit flow to micro, small and medium enterprises. KFC has been providing loans at low interest rates for entrepreneurs, small and medium enterprises in a hassle-free manner, and thus, played a major role in supporting industrial sector which would in due course create employment and eradicate poverty in the State”, he added.

In his presidential address, the Finance Minister also announced pension scheme for employees of KFC. “A pension scheme will be started for employees of the corporation with a corpus fund formed with the help of employees,’’ he said. He added that KFC had over the years provided financial assistance to 42,000 industries and in the last financial year it had registered a profit of Rs. 67 crores.

In his address Minister for Industries & IT, Shri P K Kunhalikutty said that though KFC is part of the Finance Department, its functioning is of immense help in promoting industrialisation and it is playing a big role in promoting entrepreneurs in the state and contributing to start-ups in the state including those in the IT sector.

K M Chandrashekhar, Vice-Chairman, Planning Board and P Joy Oommen, CMD of KFC were among those present.

Kerala Biz News

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