Call to Utilise Subsidy-linked Loans

Here is good news for entrepreneurs in the age group of 18-35 and school finalists, whose family income does not exceed `1.5 lakh, to avail themselves of subsidy-linked loan for starting business ventures.

Published: 06th June 2014 07:50 AM  |   Last Updated: 06th June 2014 07:50 AM   |  A+A-

VELLORE: Here is good news for entrepreneurs in the age group of 18-35 and school finalists, whose family income does not exceed `1.5 lakh, to avail themselves of subsidy-linked loan for starting business ventures.

A sum of `60 lakh has been allotted for Vellore district for grant of subsidy to 200 beneficiaries under the Unemployed Educated Youth Employment Guarantee Programme (UYEGP) for the year 2014-15.

According to an official release here, the UYEGP is being implemented in the State from 2010-11 through the District Industries Centres with the objective of providing employment to unemployed, educated youth.

Under the scheme, an entrepreneur is eligible for a maximum loan-cum-subsidy of `5 lakh for manufacturing industries, `3 lakh for service industries and `1 lakh for business. The upper age limit would be relaxed for those upto 45 years in the case of special categories such as women, differently-abled, ex-servicemen, transgender, minorities and backward classes, SC and ST.

An entrepreneur would be eligible for a subsidy of 15 per cent of the project cost, subject to a maximum of `75,000.

Entrepreneurs desirous of availing themselves of the loans can contact the general manager, District Industries Centre, Kangeyanallur Road,  Vellore, either in   perperson or through phone (0416-2242413/2242512).

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