New Entrepreneur cum Enterprise Development Scheme (NEEDS)
NEEDS is a key scheme specifically focused on assisting educated youth in becoming first-generation entrepreneurs.
Objective
To empower educated youth to become first-generation entrepreneurs.
Key Benefits
- Capital subsidy of 25% (up to Rs. 75 lakhs) with 3% interest subvention on term loans. SC/ST/Differently-abled beneficiaries receive an additional 10% subsidy.
- Additional capital subsidy of 10% for SC/ST/Differently-abled beneficiaries.
- 15-day online Entrepreneurship Development Programme provided, along with hand-holding support for accessing financial assistance and industrial plots/sheds.
- Project cost to range from Rs. 10 lakhs to Rs. 5 crores, with 10% applicant contribution from General and 5% from Special Category beneficiaries.
- Priority in land allotment in SIDCO industrial estates.
Snapshots
25%
Subsidy %
75 Lakh
Subsidy Limit
3%
Interest Subvention
5 Lakh
/per annum
Maximum Family Income
Eligibility Criteria
- The applicant should be a first generation entrepreneur.
- For General category: maximum 35 years of age.
- For Special category (SC/ ST/ MBC/ BC/ Minorities/Ex-Servicemen/ Differently-abled/ Transgender): maximum 55 years of age.
- The beneficiaries should be in the age group of 21-35 years for General Category and 21-45 years for Special Category (SC/ST/BC/MBC/Minorities/Transgenders/Differently-abled, Ex-service men and women).
- Minimum 12th pass or Diploma or Industrial Training Institutes or vocational training from recognized institution.
- Applicants must adhere to the scheme's guidelines and requirements for training, financial assistance, and project implementation.
Other Schemes
