What does BSFC mean in COMPANIES & FIRMS
Bihar State Financial Corporation (BSFC) is the financing arm of Bihar Government, established in 1954 with an objective to promote and develop the state's small scale industrial sector. The organization provides financial assistance to MSMEs (micro, small and medium enterprises) through a variety of loan products. BSFC's activities benefit the economy by providing access to capital for entrepreneurs who may not be able to otherwise obtain it from private sources. It also creates job opportunities for people belonging to all sections of society in Bihar.
BSFC meaning in Companies & Firms in Business
BSFC mostly used in an acronym Companies & Firms in Category Business that means Bihar State Financial Corporation
Shorthand: BSFC,
Full Form: Bihar State Financial Corporation
For more information of "Bihar State Financial Corporation", see the section below.
Functions
BSFC is mandated to provide financial assistance to operating concerns or individuals in different forms such as term loans, lease finance, venture capital etc., for setting up new projects, expansion & modernization of existing units, working capital requirements. It can also provide services like insurance & pension benefits, factoring & other receivables financing services for small scale units and any enterprise deemed necessary for promoting economic development & employment generation in Bihar. The corporation has adopted several innovative measures like providing short-term loans against Bank Guarantee and SBLC (Standby Letter of Credit), offering low interest loans at subsidized rates under Mukhyamantri Yuva Udyami Yojana (MYUY). The Rural Self Employment Training Institute (RSETI) provides training on various aspects pertaining to Startups/MSMEs to aspiring entrepreneurs free of cost. These initiatives ensure more people get access to banks' services in rural areas and make them self-reliant by creating their own business.
Impact
The Corporation's efforts are aimed at promoting tangible economic development as well as employment generation in the state. It also helps entrepreneurs have access to resources which would have been difficult due to lack of collateral security or other reasons if obtained from private sources. With millions of its citizens living below poverty line despite having entrepreneurial acumen, BSFC provides a chance for these individuals reach their fullest potential and become economically self-sufficient contributors towards nation building goals set out by our Hon'ble Prime Minister Shri Narendra Modi ji's "Make In India" mission.
Essential Questions and Answers on Bihar State Financial Corporation in "BUSINESS»FIRMS"
What is Bihar State Financial Corporation?
Bihar State Financial Corporation (BSFC) is the apex financial institution of Bihar, established with an objective to facilitate industrial growth by providing financial assistance to entrepreneurs in the state.
What are the services provided by BSFC?
BSFC provides a wide range of services including working capital finance, term finance, housing finance, lease finance and microfinance.
How can I access BSFC services?
You can avail of BSFC services by visiting one of their offices or by contacting them through their website or email.
What are the eligibility criteria for applying for a loan from BSFC?
Persons carrying on an industrial undertaking in Bihar or any enterprise whose primary purpose is related to industrial activities are eligible for MSME loans from BSFC. Other criteria may include creditworthiness, minimum turnover requirement and other general requirements as deemed fit by the corporation.
Do I need collateral for getting a loan from BSFC?
Collateral security may be required depending on the quantum and nature of your loan requirements.
What fees and charges do I need to pay while availing a loan from BSFC?
Fees and charges vary depending on the type of loan being availed. These charges include processing fees, documentation fees, etc., which will be disclosed at the time of application submission.
Is there any prepayment penalty associated with my loan?
Prepayment penalties may be applicable depending upon terms and conditions agreed upon at the time of availing your loan.
What documents do I need to provide while applying for a loan from BSFC?
Depending on your profile you may need to provide documentary proof related to identity, age, residence address verification and other financial documents such as business plans, financial statements etc.
Final Words:
In sum, BSFC plays an important role in providing financial aid required for growth and development of MSMEs as well as ushering economic progress within the state when compared with other major states thus helping Bihar realize its full potential as one of India's most developed provinces by creating conditions conducive for businesses flourish through job creation and demand stimulation since this would lead to improved standard of living among its citizens thereby turning Bihar into 'kamaal ka pradesh'.
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