TNEDA-MSME Empowers New Entrepreneurs with Subsidized Loan Schemes!
Tamil Nadu New Entrepreneurship Development Association (TNEDA-MSME) is facilitating the growth of budding entrepreneurs through its NEEDS and AABCS schemes. Under NEEDS, new entrepreneurs and first-generation loan seekers can access funds ranging from Rs. 10 lakh to Rs. 5 crore for both manufacturing and service sectors, with a generous 25% subsidy. Additionally, there`s a maximum subsidy of Rs. 75 lakh on the project value. Furthermore, SC/ST beneficiaries under the AABCS scheme can avail themselves of an additional 10% subsidy, capped at Rs. 150 lakhs. Notably, half of the beneficiaries under this scheme are earmarked for women entrepreneurs.
In terms of own investment, the allocation differs based on categories. General category applicants require a 10% investment, with an age limit of 21-35. Special category applicants have a 5% investment requirement, with an age limit of 21-45. SC/ST category applicants have no investment requirement, with an age limit of 21-55.
Moreover, an attractive interest subsidy of 6% is provided. Educational qualifications such as degree, diploma, ITI pass, or equivalent are necessary to avail of these schemes.
These initiatives, also referred to as the New Entrepreneurs and Enterprises Development Scheme (NEEDS) and Annal Ambedkar Business Champions Scheme (AABCS), are supported by various organizations including BYST, CII, DIC, LUB, NSIC, NIQR, SIDBI, SIDCO, SIPCOT, SIGMA, TIIC, TAICO, TANSTIA, TAMA, TNGMA, and TIDCO.
