Top 10 Startup Schemes, Started by Indian Government to Support Emerging Entrepreneurs
Puja Bhardwaj | StartupCity Magazine
The Indian startup ecosystem is creating unicorns at double the speed than before, and the nation is in the core of the startup boom. In the past few years, the Government of India has launched numerous schemes, whose purpose is to support startups and push them to grow. If you are a growing entrepreneur, then it is a perfect time to kickstart your venture and converts your dream into reality.
Here is a list of some notable government schemes that offer business loans for startups in India.
MUDRA is an organisation established by the government of India to supply financal support to micro-business units. It provides refinanced business loans, approved and disbursed through public sector banks, private sector banks, co-operative societies, and others.
SMILE (SIDBI Make in India Soft Loan Fund for MSMEs)
SIDBI loan fund was launched to give soft loans to MSMEs to meet the needed debt-equity ratio for the establishment of new MSMEs and also to enable the growth for existing ones.
Standup India scheme is for women and for those entrepreneurs who belong to SC and ST communities. It is available for Greenfield ventures in manufacturing, trading, and service units, ranging from 10 lakh to 100 lakh.
National Small Industries Corporation Subsidy
The NSIC subsidy is focused on funding small and medium enterprises who wish to enhance their manufacturing quality and quantity. This scheme presents two kinds of financial advantages – Raw Material Assistance and Marketing Assistance.
Credit Guarantee Scheme
The CGTMSE is inaugurated to provide business loans to micro and small industries, with zero collateral. Means, through this scheme, new and upcoming startups can avail loans at highly subsidized interest rates without presenting any security.
Credit Link Capital Subsidy Scheme for Technology Upgradation
CLCSS supports small businesses to upgrade their process by financing technological up-gradation. The purpose of the CLCSS scheme is to reduce the cost of production of goods and services for SMEs and allow them to remain price competitive in local as well as international market.
Bank Credit Facilitation Scheme
Bank Credit Facilitation Scheme aims to meet the credit needs of MSME units. Through syndication with different nationalized and private sector banks, the NSIC arranges for credit support from banks without any cost to MSMEs.
Atal Incubation Centres
This scheme is headed by Atal Innovation Mission; it provides grant-in-aid of Rs. 10 Cr to every AIC. It was set up under the NITI aayog with a vision to provide financial aid and infrastructure assistance to different startups in sectors including technology hardware, healthcare, defense, agriculture, and many more.
Sustainable Finance Scheme
This scheme assists the entire value chain of energy efficiency and sustainable development projects and leads to significant improvements in EE/CP/sustainable development in the MSMEs.
MSME Business Loans for Startups in 59 Minutes
This scheme is run by the government of India in collaboration with SIDBI to give unsecured loans to businesses. You can borrow up to Rs.100 Lakh in term loans or working capital loans as per your eligibility and feasibility in 59 minutes.
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