Are you Planning to Start your New business, then first know these schemes Available for You

Startup Leadership Program (SLP)

The Startup Leadership Program (SLP) is a renowned global training program for innovators, leaders, and founders of today’s world who want to become startup CEOs. It is a non-profit educational program that not only provides classes to the next generation of leaders and entrepreneurs but also works as a professional network for them. Initially founded in Boston in 2006 and launched in India in 2016, SLP in India is a six-month-long program with 10 classes in total.

They don’t have a specific age limit, hence, anyone with a dream and interest in becoming a leader or entrepreneur can join it. This startup initiative has educated over 3,900 people in over 14 countries and helped over 2000 startups.

Pradhan Mantri Mudhra Yojna

PMMY is a scheme for startups and MSMEs that aims to provide access to capital and loans to help ventures sustain and grow their business. Launched in 2015, eligible applicants can claim loans of up to 10 lakhs for working capital requirements. The repayment period for loans availed under this scheme is five to seven years.

There are three categories under which loan gets provided in PMMY:

Shishu – Up to 50,000

Kishor -Up to 5 Lakhs

Tarun – Between 5-10 Lakhs

Startups must be involved in trading, manufacturing, services, or any other non-farm business to be eligible for this scheme.

Credit Guarantee Trust Fund

The Credit Guarantee Trust Fund For Micro & Small Enterprises (CGTMSE) provides collateral-free loans for MSMEs and selected startups. The amount of these loans can range up to INR 1 crore. It helps retailers, self-help groups, educational institutes, SMEs, and farmers.

This scheme facilitates the flow of credit in the startup sector and strengthens the credit delivery system. The CGTMSE is primarily for service and manufacturing businesses. Loans under this scheme can be claimed as working capital or term loan.

SAMRIDH Scheme

Startup Accelerator of MeitY for Product Innovation, Development and Growth (SAMRIDH) Scheme was introduced by the Minister of Electronics Information and Technology (MeitY) in August 2021.  One of the main objectives of this scheme is to provide funding support and fiscal incentives to startups. The idea behind this initiative is to lend support to startups that have proof of concept for their products. The amount provided by the government to the entrepreneurs is INR 40 Lakh. Under this scheme, the government will provide funding to the accelerators after evaluating the startup and its growth.

To be eligible to start a startup, the entrepreneur must be Indian. It is critical that the accelerator has supported at least 50 startups to be eligible and has done the incubation business only in the last 3 years.

MSME Market Development Assistance (MDA)

The MSME Market Development Assistance Scheme (MDA) is a sub-component of the MSME International Cooperation Scheme (IC), and was implemented by the Ministry of Micro, Small, and Medium Enterprises. The scheme aims to help MSMEs grow internationally by providing them financial support for participating in international trade fairs, exhibitions, organising summits in India, and more. So, how to get funding for startup from Government? The scheme offers up to 75% of the funding to support the participants’ to-and-fro air fares. MSMEs that are registered and recognized by the Government of India are eligible to apply for this scheme.

Startup India Initiative

The Startup India Initiative is, by far, the largest government scheme for startups in India. Started by Prime Minister Narendra Modi in 2016, over 50,000 businesses come under this scheme.

Startup India Seed Fund Scheme

The Startup India Seed Fund Scheme (SISFS) provides financial assistance to early-stage startups for market entry, product trials, commercialization, prototype development, and proof of concept.  This is one of the best scheme for funding for startups in India by government.

The government has allocated a total budget of 945 crores to this scheme. It expects to provide funds to 3600 startups. Grants of up to 20 lakh rupees will be provided for developing trials or prototypes. This scheme also aims to enhance the innovation culture and development in the country.

Here’s the eligibility criterion for this govt. scheme for startups.

• The startup must be recognized by DPIIT.
• The product or idea must be scalable, innovative, tech-based, and feasible.
• Indian promoters must hold shares equal to or more than 51%.
• The startup must apply within two years of its incorporation for this scheme.

The USP of this government scheme is that it’s industry agnostic and doesn’t require physical incubation.

Based on the Analysis and Business Needs  you just need to Select the Relevant Schemes and Start your new Business with hassle Free Processing.