Financial Support on Offer for First Generation Bizmen

The first-generation entrepreneurs in the district, who are interested in setting up manufacturing or service enterprises, can now avail themselves of a new credit-linked capital subsidy loan assistance from the District Industries Centre, under the New Entrepreneur-cum-Enterprise Development Scheme (NEEDS).

Published: 11th June 2014 07:58 AM  |   Last Updated: 11th June 2014 07:58 AM   |  A+A-

VELLORE: The first-generation entrepreneurs in the district, who are interested in setting up manufacturing or service enterprises, can now avail themselves of a new credit-linked capital subsidy loan assistance from the District Industries Centre, under the New Entrepreneur-cum-Enterprise Development Scheme (NEEDS).

The scheme envisages 25 per cent capital subsidy with a maximum limit of `25 lakh and 3 per cent subvention on the financial assistance availed of from the banks. The minimum project cost should be above `5 lakh and there is no maximum limit. Fifty per cent preference would be given to women entrepreneurs. Those who have already got loan assistance under the State or Central government-subsidy linked schemes would not be considered for the scheme, said an official release.

Under the scheme, the State has earmarked `490 crore for Vellore district for the year 2014-15 as capital subsidy, that would be disbursed as subsidy component to the first- generation entrepreneurs. Educated youth would be trained for a month to help them prepare business plans and tie up with financial institutions to set up new ventures besides linking them with industrial clients.

The applicants should be residents of the State and possess any degree, diploma, ITI or vocational training from a recognised institution and should be in the age group of 21 to 35 for the general category. For SC/ST, BC, MBC, women, ex-servicemen, transgenders and differently-abled persons, the age limit is 45.

Interested entrepreneurs could contact the general manager, District Industries Centre, Kangeyanallur Road, Vellore-632006.

Contact ph numbers are: 0416-2242413, 2242512 and (mobile numbers)9952913253/ 9445566176.

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