Kollam: The success story of entrepreneur Vinay Balakrishnan, who was initially denied loan for his startup idea, keeps inspiring people in Kerala.
Vinay had applied for loan to start a unit for environment-friendly disposable plates. His proposal was rejected by multiple banks. Later, he came to know about the website MSME Champions.
He got a reference number within 24 hours of registering on the site. Banks contacted him offering loans within 48 hours.
Besides, the bank that had intimated to him of their inavailability to provide loans was fined.
Kakkanad native Vinay started the project in Angamaly. He produces plates from wheat bran collected from mills in Angamaly. The plates are edible too.
He gets around 7,000 tons of bran a month. He is planning to expand the unit by producing straws and carry bags as well.
Vinay said most of his market is in north India.