Special scheme launched to promote SC, ST entrepreneurs in district

Chengalpattu: Chengalpattu collector A R Rahul Nadh on Friday said that the state government has introduced Annal Ambedkar Entrepreneurs – Business Champions Scheme as a special scheme for SC and ST entrepreneurs.

Under this scheme, any business project in manufacturing, commerce and services other than subsistence farming proposed by new entrepreneurs will be given a loan-linked subsidy. “It can be any project including catering, manufacturing of spare parts, tailoring, grocery store, wholesale and retail of merchandise, beauty salon, gym, travels with moving units, concrete mixer, ambulance, rig boring, refrigerator. Assistance will also be provided for expansion, diversification, modernization and technology development proposals of existing industrial units. The subsidy is 35% of the total scheme amount,” said the collector. The grant ceiling would be Rs.1.5 crore and apart from this, 6% interest subsidy will be provided throughout the loan repayment period.

Subsidies would also be available for projects implemented by entrepreneurs with their own funds. Candidates do not need any educational qualification other than as defined by law to avail benefits under this scheme. Of the total project amount, 65% will be arranged as bank loans and 35% will be provided as an upfront grant as government share. Adding to the various benefits, entrepreneurship development training and specific project related training or skill development training will be provided free of charge by the Entrepreneurship Development and Innovation Institute.

To avail the scheme, those interested can fill out an online application form available at www.msmeonline.tn.gov.in along with the scheme statement and documents. Advice, guidance, project report preparation and application assistance will be provided to interested entrepreneurs at the District Career Centre. The District Industrial Centre will also act as a bridge to financial institutions for availing loans.