Subsidy and credit for first-generation entrepreneurs

The district administration has invited applications from prospective first-generation entrepreneurs to avail subsidy and credit under the New Entrepreneur-cum-Enterprise Development Scheme (NEEDS) in Tiruchi district.

The scheme 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 three 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.

Food processing, rice mills, fabrication units, solar energy-based industries, readymade garment manufacturing, electronics, cold storages, business process outsourcing, medical transcription, clinical laboratories, civil engineering services, transport and generator rentals, and other manufacturing and service sector projects could be promoted under the scheme.

Projects with an investment of Rs.5 lakh to Rs.1crore would be extended assistance. So far applications have been received for eight projects under the scheme.

Aspiring entrepreneurs can get the applications from the District Industries Centre and submit the filled-in applications within the next 10 days, Collector Jayashree Muralidharan said in a press release.