Finance Minister K.N. Balagopal will formally launch the NORKA ‘Pravasi Bhadratha Micro’, an entrepreneurship scheme for small enterprises implemented through the Kerala State Financial Enterprises (KSFE), on Tuesday.
‘Pravasi Bhadratha Micro’ envisages self-employment loans up to ₹5 lakh.
Capital subsidy
Upto 25% of the project cost (up to a maximum of ₹1 lakh) will be provided as capital subsidy. An interest subsidy of 3% is on offer for the first four years to beneficiaries whose repayments are prompt.
Applications can be filed through the 600-plus KSFE branches. The State Government has also plans to expand the ‘Pravasi Bhadratha Micro’ scheme through the Kerala Bank and cooperative societies and nationalised banks. NORKA Resident Vice Chairman K. Varadarajan will preside. K. Elangovan, Principal Secretary, NORKA Department, will deliver the keynote address. NORKA CEO K. Harikrishnan Namboothiri and KSFE chairman Philippose Thomas will attend.
Assistance scheme
‘Pravasi Bhadratha Micro’ is one of three entrepreneurship assistance schemes envisaged by NORKA and announced by the State Government in August designed for helping non-resident Keralites rendered jobless by the COVID-19 pandemic.
The Pravasi Bhadratha Pearl scheme that offers loans up to ₹2 lakh and implemented through the Kudumbashree Mission was launched in August.
