Assam Financial Corporation makes Rs 1 crore profit in 2023-24

Corporation extended loans to over 6,800 enterprises in Assam: Chairman

Staff Reporter

GUWAHATI: The Assam Financial Corporation (AFC) earned Rs 1 crore in profit in the financial year 2023–24. Since its inception in 1954, the corporation has extended financial support to more than 6,800 enterprises in Assam.

Speaking to the media here today, AFC Chairman Rupam Goswami said, “For the past 70 years, we have been working towards the industrial development of Assam for the fulfilment of its vision to contribute to and accelerate the socio-economic development of the region by acting as a vibrant and dependable financial institution, promoting the entrepreneurship and growth of MSMEs and the development sector. The AFC has been playing a significant role in the economic and industrial development of the state by encouraging first-generation entrepreneurs, upgrading backward regions, shouldering high-risk debts, and creating huge employment opportunities for local unemployed youths.”

On the profit front, Goswami said, “We have been able to extend financial support to more than 6,800 enterprises until March 31, 2024, contributing to the economic development of the region and creating direct and indirect employment for more than 1,50,000 unemployed youths. We are glad to inform you that the corporation has been able to earn a profit of about Rs 1 crore in the last financial year under the dynamic leadership of Assam Chief Minister Himanta Biswa Sarma.”

Goswami said, “In addition to the MSME sector, the AFC has been extending financial assistance in the microfinance sector and has assisted more than 50,000 women microfinance beneficiaries so far in setting up various income-generating activities for the livelihood support of their families. The performance of the corporation in the microfinance sector is very good, with a nearly 100 percent loan recovery rate.”

He said, “The Corporation has taken up various ambitious plans to bring about a complete transformation of its activities to double its portfolio level through judicious business strategy, major policy changes, recruitment of freshmen at different levels, offering the most competitive lending rates, bringing in complete automation, modernization, and transparency in its office functions, sanctioning and disbursement of loans through one web-based loan management system, etc. For capacity building and providing need-based training, we have started to send our officers to other successful SFCs. Recently, the Managing Director of the Corporation has also visited Tamil Nadu Industrial Investment Corporation Ltd. with a view to encouraging startups in various sectors.”

Goswami requested the parties concerned to refer any good projects to AFC for assistance at very competitive lending rates, which vary from 8 percent to 10.50 percent considering the type of projects, schemes of assistance, etc. “We are pleased to inform all that our PLR (prime lending rate) has been reduced considering the urgent need for assistance from our first-generation entrepreneurs at a cheaper rate. Our lending rates are very competitive now in the domain,” he said.

 Also read: Water supply project: Efforts on for loan for completion of Phase II for South East Guwahati (sentinelassam.com)

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