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Coffee loans from Canara Bank

cafeCanara Bank is drawing up a plan to fund start-ups involved in the entire coffee supply chain including grinding, roasting, mixing and even setting up cafes. The bank said it is ready to offer up to Rs 1 crore as loans and the task to identify entrepreneurs lie with the Coffee Board. In addition to indentifying entrepreneurs, the Board is planning to offer 25% subsidy, with a cap of Rs 25 lakh.

The bank is planning to treat loans to coffee entrepreneurs under CGMSE without guarantees. At present the bank has not set any target or number of loans to be disbursed under the scheme. This will be offered in all the branches in a month or two. Subsequently, the bank will aggressively push it as a separate business in the next fiscal. Welcoming the bank’s move, Jawaid Akhtar, chairman, Coffee Board, said as coffee cafes and parlours are mushrooming in the country, it provides opportunities for employment generation. This is one of the scheme recommended by Coffee Board to be included the 12th Plan.

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