In India, more and more people are becoming entrepreneurs, which means they are starting their own businesses.
Some people need money to start their businesses, so the Indian government has created some helpful programs to provide financial support to these businesses.
Let’s learn about 5 government programs that can help you grow your business or startup:
Pradhan Mantri Mudra Yojana (PMMY)
1) This is a program started by the Prime Minister. It offers loans up to Rs 10 lakh to small businesses. You can get these loans from banks or other financial institutions. You can also apply online at www.udyamimitra.in.
2) There are three categories in this program, and some of them have no processing fees.
Stand-Up India Scheme
1) This program is designed to encourage women and SC/ST entrepreneurs. It offers loans from ₹10 lakh to ₹1 crore without needing collateral.
2) You have 7 years to repay the loan, and there’s an 18-month period where you don’t have to make payments.
3) You also get a tax exemption for the first 3 years when starting your business.
National Small Industries Corporation Scheme (NSIC)
1) NSIC helps small and medium businesses with marketing, technology, and financial support.
2) There are two types of loans under this scheme:
3) Marketing Assistance Scheme: You can use this money to make your products more popular and reach more customers.
4) Credit Assistance Scheme: This helps with buying raw materials, financing, and marketing.
Credit Guarantee Fund Scheme
1) To support startup companies, the government provides loans of up to Rs 5 crore without requiring any guarantees.
2) The fee for this guarantee has been reduced to 0.37% of the loan amount.
MSME Loan Scheme
1) This program helps businesses with their daily expenses. New or existing businesses can get loans up to Rs 1 crore.
2) The loan process usually takes about 8-12 days, and they’ll let you know if you’re approved or not in just 59 minutes.
These government programs are here to assist you in growing your business or starting a new one.
