New Entrepreneur cum Enterprise Development Scheme (NEEDS)

Objective:

To assist first generation entrepreneurs to set up their manufacturing /service enterprises with financial assistance for a maximum project cost of Rs.5.00 crores from banks or state financial agency.

Eligibility:

• Age should be between 21 years to 35 years for General Category and not exceeding 45 years for Special Category (SC / ST / BC / MBC / Minority /Women / Ex-Servicemen / Differently Abled / Transgender).
• Should possess educational qualification of any degree/diploma/ITI/vocational qualification from a recognised institution.

Highlights of the Scheme:

• The cost of the project is above 10 lakhs and not exceeding Rs.5.00 Crores for Manufacturing Sector with subsidy assistance of 25% of eligible project cost subject to a maximum of 30 lakhs.
• Promoter’s contribution is 10%of the project cost for General Category and 5% for Special Category of entrepreneurs.
• Individual based subsidy@25% of project cost.
• 3% interest subvention for the entire term loan period.
• One Month EDP training is mandatory for the selected beneficiaries. The selection of beneficiaries is through interview process by the District Task Force Committee that will be convened at least once in a fortnight.

Beneficiary:

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Benefits:

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