In this golden era of innovation and entrepreneurship, there is nothing but a boom and rise of services and products that enrich our lives. These startups are rising like masts on ships, sailing through calamities and solving problems that seldom had solutions. The government is lending a helping hand to these budding businesspersons which will aid their missions.
In 2016, The government of India launched Startup India Scheme which will provide financial backing to these startup innovations and bring them to life.
Here are some of the government schemes under Startup India that can boost your business.
Multiplier Grants Scheme
Developed by the Department of Electronics and Information Technology, this scheme encourages research and development practices between institutions and industries to produce products and services. Selected teams are given upwards of Rs. 2 Crores for financing a project and the expected term being 2 years. Industrial organizations on the other hand will get Rs. 4 crores over 3 years.
Credit Guarantee Fund Trust for Micro and Small Enterprises
This scheme was introduced to offer loans to MSME firms. Under this scheme, the objective is to provide businesses with loans at heavily discounted interest rates without any collateral. The government in collaboration with the Small Industries Development Bank of India (SIDBI), launched this scheme to promote new enterprises whilst strengthening old ones. This scheme grants upwards of Rs. 100 Lakhs.
You can also check this out DeepTech startup iRasus raises funding from Digital Futurists Angel Network (DFAN)
MUDRA Banks
MUDRA stands for Micro Units Development Refinance Agency. It was established to enhance the availability of loans and promote the growth of small businesses in rural regions. The primary goal of this program is to assist Indian small businesses that are likely to grow. The MUDRA banks offer loans for small enterprises that aren’t farms, microenterprises, or corporations with an amount of up to ₹10 Lakhs.
Software Technology Park (STP)
STP is an export-oriented system that aims to increase and export computer software and technical services through physical media or communications infrastructure. Due to the focus that the course material has on a single business or product, notably computer software, the course material is distinctive. According to the government’s program, the idea of Export Processing Zones (EPZs) as well as Science Parks or Technology Parks, which are currently used around the world, will be part of the government’s initiative.
Eligibility for all these schemes differs from each other. Please read all scheme-related terms and conditions carefully.
