Applications invited from grade 12th pass and eligible candidates for assistance under new entrepreneurship in Coimbatore under NEEDS

Coimbatore: Applications from young entrepreneurs, especially the grade 12th pass candidates, who are looking to start new businesses are invited to apply under the NEEDS scheme. It is also planned to provide loans along with subsidies to the applicants.

The district Collector Dr. G.S. Sameeran has invited applications from business enthusiasts, especially grade 12th pass candidates, to apply under the NEEDS. The first-generation graduates are offered cash assistance under the New Entrepreneurship cum Enterprise Development Programme (NEEDS).

Cash assistance from 10 lakhs to 5 crores to begin a business venture in the production and service industries, will be offered to selected applicants. The Government of Tamil Nadu provides a subsidy of 25% and a maximum of 75 lakhs and 3% back end interest subsidy and in addition, 10 additional investment subsidies will be given to eligible scheduled tribes, tribals, and differently-abled entrepreneurs.

Applicants should have completed at least 21-years of age. Maximum age for general category is 35 and 45 years for applicants from special category, i.e., women, adi dravidar, scheduled tribes, backward classes, most backward classes, minorities/ differently abled/ ex-servicemen/ transgenders, and should be a resident of Tamil Nadu for at least three years.

The minimum educational qualification is 12th standard pass, degree or a diploma or ITI or industrial training under a recognized institute. The general category should contribute 10% of the project cost and the special category 5% of the project cost. There is no income limit to apply for the scheme. Under this scheme, owner companies and shareholders are eligible for the benefit.

Reservation of 18% for scheduled tribes, 1% for scheduled tribes, 3% for differently-abled persons, and 50% for women (giving priority to destitute/ abandoned women with the above qualifications). The qualified persons will be selected from other categories, in case of not enough applicants from the above allotments.

This scheme is applicable only for the new start-ups and those receiving subsidies under the Government schemes cannot avail of the benefit. Also, those willing to avail of the benefit under this scheme shall not be acquiring loans from banks and Tamil Nadu Industrial Investment Corporation Limited.

The District Collector has advised approving all the eligible applications although the subsidy target for the year 2021-22 is only 636 crore for Coimbatore. Applications can be submitted through the website, www.msmetamilnadu.tn.gov.in.

The Collector Dr. G.S. Sameeran, has invited the first generation entrepreneurs who are qualified and interested to apply for the scheme.