Do you have an innovative idea for a startup? Do you want to get started without any delays? Are you willing to work tirelessly towards it in order to make it grow into something big? If all that is holding you back are finances, think no further, we are there for you; to finance your startup and watch it grow as you grow with it. SWASHAKTHI is a national program to develop startups, which has been designed and implemented with people like you in mind. People with entrepreneurial ideas and talent, who have the courage and strength to see their dreams and ideas transform into reality. Part of the ‘One Million Jobs Program’, we will turn 25,000 of your ideas into 25,000 startups.
The loan scheme is designed for startups, under which a maximum loan amount of Rs. 200,000/- will be given at a nominal interest rate of 5.5%. In addition, a maximum grant of Rs. 50,000/- will be given to meet initial expenses of the startup business. Existing businesses will receive a maximum loan ofRs. 250,000/- at an interest rate of 5.5%.
In order to be eligible Rs. 40,000 which is for the second part of the grant, the newly established enterprises should meet a minimum of one of the following criteria:
The eligible entrepreneur needs to apply for the second part of the grant through the Small Enterprises Development Division (SED) of MNP&EA or from the relevant PFI, after achieving at least one of the above targets.
SED of the MNP&EA will assess the compliance of the applications received by the SED and submit the applications to the PFI with recommendations.
Additional loans can be obtained from the respective participating bank based on the success of the business, at a moderate interest rate.