Vellore to get Rs 490 lakh under NEEDS

Published: 24th April 2013 09:29 AM  |   Last Updated: 24th April 2013 09:29 AM   |  A+A-

A sum of Rs 490 lakh as subsidy component has been allocated by the State for the New Entrepreneur-cum-Enterprise Development Scheme (NEEDS), being implemented in the district through the District Industries Centre (DIC).

In the current fiscal, 49 entrepreneurs would be selected and encouraged to start manufacturing and service-oriented business ventures with assistance from banks and State government sponsored financial institutions. Priority would be given to women entrepreneurs.

Selected candidates would be eligible for loans up to Rs 1 crore under the  scheme. Two or more persons could also join ans start new ventures.

The criteria are: Candidates must have completed 21 years (while the age limit for general category is 35, for those belonging to SC/ST/backward/minorities/ex-army/transgender/disabled/women it is 45). They must hold a degree or diploma or vocational training. They should be residing in the State for the past three years.

The project should be in the range of Rs 5 lakh to Rs 1 crore. Applicants have to bear the expenses on land, rent and lease and must be willing to bring their margin amount of 10 per cent for general category of the total project cost and 5 per cent (for other special category). The State  would extend a subsidy of 25 per cent of the total cost or Rs 25 lakh whichever is maximum.

For more details, dial 0416-2242413 or 2242512.


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