In a bid to encourage entrepreneurship and promote manufacturing sector, the government is offering interest free loans to prospective entrepreneurs. Under a scheme, launched two years ago by the Kerala State Entrepreneurship Development Mission, over 400 projects have been selected in the State. A preliminary selection of prospective projects under the scheme in Ernakulam will be done this week.
The project is being implemented by the Mission in association with the District Industries Centre, Kerala Financial Corporation and banks. Various banks including the lead bank of the district, Union Bank of India, will provide loans to selected enterprises.
The district selection committee comprising officials representing the Mission, KFC and DIC will conduct an interactive programme in Kochi on May 29 to screen the projects. The candidates applying under the scheme should be in the 18-40 age group and should not have a permanent job. The selected projects would be forwarded to financing entities for approval.
The scheme envisages partnership firms with a minimum of two partners. Those who have passed Plus Two vocational courses or acquired relevant technical qualifications, in the 18-40 age group, can approach the selection board with their proposals. The scheme envisages funding up to 90 per cent of the project cost. The interest-free loan could be repaid in equal instalments after a 12-month gestation period. It will be the responsibility of entrepreneurs to get land for the project.
Over 70 projects out of 430 selected projects have started functioning in the State and over 300 are progressing, according to a senior KFC official associated with the project in Ernakulam. The selected personnel will be given training by the lead bank which operates a training centre in Perumbavoor, aimed at helping entrepreneurship. Some of the projects which have been launched under the scheme include printed personal computer boards, automobile wheel alignment and steel furniture, the official said.
via The Hindu Newspaper http://www.thehindu.com/news/cities/Kochi/manufacturing-projects-in-ernakulam-to-be-selected/article4753853.ece
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