Applications have been invited from prospective entrepreneurs under the Prime Minister’s Employment Generation Programme (PMEGP) for projects in manufacturing and service sector.
The scheme envisages financial assistance of Rs. 25 lakh for the manufacturing sector ventures and Rs. 10 lakh for service sector ventures.
In addition, the scheme entails a government subsidy of 25 per cent for projects set up in urban areas and 35 per cent for projects set up in rural areas. The applicant should be over 18 years of age with no upper age limit. The scheme needs no minimum educational qualification for service ventures up to Rs. 5 lakh and manufacturing ventures up to Rs. 10 lakh. However, it requires a minimum of class 8 qualification for projects over the aforementioned project costs in the respective sectors.
A general applicant shall bear 10 per cent of the project cost while special category applicant shall contribute 5 per cent of the project cost.
The assistance envisages a repayment period varying from three to seven years depending on the project cost. No collateral security will be required for projects up to Rs. 5 lakh. The ventures shall not include direct agricultural and farm activity, transport, tobacco, manufacture of polythene bags less than 20 microns, meat and handloom and so on. The scheme involves a two-week entrepreneurship development programme for candidates who have secured loans.
Forms may be had from the General Manager, District Industries Centre, No. 25, Netaji Road, Nagapattinam. June 3 is the last to submit the applications.