BHUBANESWAR: The Odisha Livelihood Mission (OLM) under the Mission Shakti department is set to roll out a special incubation programme to help self-help group (SHG)-led rural enterprises grow and expand their businesses, increase sales, access new markets and obtain financial support.
The programme will be rolled out with support from IIT-Bhubaneswar. The best-performing enterprises are likely to receive financial support under a challenge fund which includes Rs 15 lakh for large enterprise, Rs 7.5 lakh for group enterprise and Rs 6 lakh for individual enterprise.
Eligible enterprises may also be extended interest-free soft loans for equipment purchase, business expansion, infrastructure development and to meet working capital requirements.
According to a recent official communication from the OLM, the applications for the programme will be received till August 24, after which the selection process will be taken up. Under the initiative, the OLM and IIT-Bhubaneswar will give handholding and expert guidance to the selected enterprises and entrepreneurs to help them grow their businesses.
They will be offered regular mentoring with the help of business experts, guidance on increasing sales and profits, support for product improvement and innovation, access to large markets and buyers and assistance to obtain bank loans and other financial support.
The rural SHG-led enterprises will be supported in preparing growth plan, building connections with buyers, retailers, wholesalers, exhibitions and online market places. They will also be backed in obtaining GST, UDYAM and trademark registrations, FSSAI licence and quality certification.
Manufacturing enterprises in pickle-making, spice processing, millet processing, garment stitching, handicraft, leaf plate making and bakery units; services enterprises such as catering units, beauty parlour, mobile repairing, digital service, transport service and tourism service providers; as well as other individual enterprises and group enterprises will be provided the incubation support following completion of the selection process.
The registered enterprises are required to have a minimum annual turnover of Rs 20 lakh and above in 2024-25 and 2025-26, while group enterprises need to have a turnover of over Rs 15 lakh during these years. Individual enterprises are required to have a minimum annual turnover of Rs 12 lakh.