Revolving Fund set up to aid Kerala tourism sector and tide over pandemic blues

Revolving Fund Scheme to provide interest-free loan up to Rs 10K, without collateral security

As part of the many schemes rolled out to help revive the pandemic-hit tourism industry, the Kerala government has set up a Revolving Fund that would provide interest-free loans up to Rs 10,000 to those employed in a wide range of activities in the sector. The loans will be provided without any collateral security.

A Government Order issued to this effect said the Revolving Fund will have an initial corpus of 10 crores.

According to the Kerala Tourism Minister P A Mohammed Riyas, the Revolving Fund comes when the tourism sector is poised for the post-pandemic surge. All those who are working in this vital sector can avail the benefit of this scheme to revive their activities.

Revolving Fund to help people employed in Kerala tourism sector

People employed in various segments of the Kerala Tourism industry and those who have a membership in any of the registered tourism sector organizations will be eligible for the loan. Those engaged in units registered under the Responsible Tourism (RT) mission are also entitled to apply for the loan, the Minister added.

In this context, the Revolving  Fund loans will be made available to tour operators, travel agencies,  tourist taxi operators, houseboats and shikara boat operators, hotels, resorts, restaurants, serviced villas, tourist farms, Ayurveda centres, adventure tourism ventures, micro-units under the Responsible Tourism Mission,  performing and martial arts troupes and tour guides holding a licence of India Tourism or Kerala Tourism.

To avail of the loan, a tourism sector employee should be part of an entity that has the approval of the State Tourism Department or should be a member of the Kerala Travel Mart Society or any other recognized tourism-related organisation.

Repayment within 2 years after one-year moratorium

Loans will be offered on the condition that the beneficiary will have to repay the loan within two years after a one-year moratorium period.

The Minister also said that the Revolving Fund scheme will be implemented through the Kerala Responsible Tourism Mission. The application has to be submitted online, for which a digital platform will be set up soon.

The applications will be scrutinised by a committee comprising the Tourism Director as Chairman and RT Mission Coordinator as Convener, and loans will be sanctioned to those eligible.

Feature Image Source: Kerala Tourism/Twitter

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