37 entrepreneurs to get Rs. 3.70 cr. capital subsidy under NEEDS

April 24, 2015 12:00 am | Updated 05:43 am IST - TIRUCHI:

Thirty seven first generation entrepreneurs would be supported under the New Entrepreneur-cum-Enterprise Development Scheme (NEEDS) in Tiruchi district this financial year.

The State government has allocated Rs. 3.70 crore for the district this year for being disbursed as capital subsidy to the entrepreneurs selected under the scheme, which seeks to provide entrepreneurship training to educated youth, assist them in project preparation, and getting financial assistance through Tamil Nadu Industrial Investment Corporation (TIIC) or banks with 25 per cent capital subsidy and 3 per cent interest subvention.

All economically viable manufacturing and service activities would be eligible to be funded under the scheme, subject to appraisal by the banks or the TIIC. Projects with an investment of Rs. 5 lakh to Rs. 1 crore would be extended assistance.

Applications for the scheme can be filed online through the websitewww.msmeonline.tn.gov.in, said A. Raja Rajan, General Manager, District Industries Centre, on the sidelines of the valediction of an entrepreneurship development programme for beneficiaries selected under the NEEDS, organised by the Entrepreneurship Development Institute in association with the Tiruchi District Tiny and Small Scale Industries Association (TIDITSSIA) and the District Industries Centre here on Thursday.

According to Mr. Raja Rajan, 35 projects were recommended for sanction of loans by banks under the scheme during the last financial year and sanction letters have been issued to 23 persons.

Of this, Rs. 1.21 crore has been released to 17 beneficiaries during the year. The scheme was introduced by the Tamil Nadu government to support first generation entrepreneurs for high end projects estimated at Rs. 1 crore.

Earlier, delivering the valedictory address at the training, S. Karuthaiah Pandian, Director, Bharathidasan Institute of Management, said the country had about 30 million entrepreneurs who were providing about 60 million jobs. K. Suresh Kumar, Treasurer, TIDITSSIA, spoke.

All economically viable activities to get subsidy for an investment of Rs. 5 lakh to Rs. 1 crore

The selected beneficiaries from central distributes have undergone 25-day training

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