Financial support sought from banks for businesses affected by floods

VIJAYAWADA: The AP Chambers has urgently appealed to banks for financial support for businesses impacted by the Budameru floods in Vijayawada. AP Chambers president, Potluri Bhaskara Rao, revealed that a letter was sent to Dr Sreedhar Cherukuri, commissioner of industries, commerce, and export promotion, emphasising the critical need for banks to provide aid to enterprises severely affected by the devastating floods. He also commended the State government's timely response in managing the flood situation and extending financial assistance to the victims.

Rao lamented that many businesses are still struggling to resume regular operations due to the lack of financial support. The Chambers noted that banks are not offering the necessary assistance to flood-affected businesses. AP Chambers has requested the government to instruct banks to extend services such as loan rescheduling, enhancement of working capital facilities, collateral-free loans, waivers of bank charges, and moratoriums on Mudra loans. These measures would help businesses recover from the flood’s severe impact.

Secretary of AP Chambers B. Raja Sekhar added that the Chambers has asked the state government to intervene and direct financial institutions to provide the essential support required for the businesses affected by the floods.