Kerala Financial Corporation (KFC) will finance food testing labs and waste management plants in the small and the medium sectors.
The two main issues, i.e. food quality and solid waste management are to be focused. The local self-governing bodies and government has been trying to solve these issues but till date have not yielded desired results.
Kerala Financing Corporation would provide loan to the extent of 90 per cent of the total project cost for setting up the units for food testing and waste management. Presently, only 75 per cent of the total cost of setting up a new unit is provided.
The loan can also be used to purchase high-tech lab equipment of national or international standards and also for setting up waste treatment plants and biogas units.
The loan is provided at very nominal interest rates with a 2 per cent rebate on timely repayment and 1 per cent additional cut for eligible cases with a good credit rating.
The spokesperson also mentioned that in order to attract more customers, the corporation has also decided to waiver off the processing fees.