The government has accorded sanction for a new scheme named Chief Minister's Entrepreneurship Development Programme aimed at promoting entrepreneurial ventures in the State and helping startups tide over the pandemic-induced crisis.
The scheme to be implemented through the Kerala Financial Corporation seeks to provide financial assistances for 1,000 units annually and 5,000 units over the next five years. It envisages a maximum loan amount of ₹50 lakh on liberal terms and conditions at attractive interest rates. It also provides training and hand holding for entrepreneurs.
At his media briefing after the COVID-19 review meeting here on Tuesday, Chief Minister Pinarayi Vijayan announced three new schemes to help ailing startup companies get back on their feet.
Eligible firms would get loans upto ₹10 crore as working capital on the basis of purchase orders already received. Companies coming up with innovative need- based products or services would be eligible for an assistance of ₹1 crore and IT firms that have been approved by SEBI-accredited venture capital funds would get ₹10 crore.
All the schemes would be eligible for interest subvention of 2%, Mr. Vijayan said.
