What you get
- Up to 3 projects that show immense promise and potential, as recommended by the Startup Promotion Cell, will be eligible for a grant of 30% of the loan interest amount, for the purpose of repayment of the interest component of a loan availed, up to ₹ 5,00,000 per annum, for an initial period of two years only. | - Other Startups shall be eligible for an interest repayment grant of 10% of the interest amount of a loan availed, up to ₹ 2,00,000 per year, for a period of two years. This benefit can be availed by 40 start-ups each year which the SPC shall select as per its guidelines. | - This amount will be in addition to any other interest subsidy or loan provided under Chief Minister Rojgar Yojana (CMRY). | NOTE: Under no circumstance shall the benefits under this scheme be considered an entitlement. The SPC shall reserve the sole right to accept or reject applications.
Who can apply
Required Paperwork
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Proof (Domicile)
Common Questions
Can start-ups use the benefits of this scheme in conjunction with other interest subsidies or loans provided under the Chief Minister Rojgar Yojana (CMRY)?
Yes, the benefits under this scheme are in addition to any other interest subsidy or loan provided under CMRY.
What is the significance of the "No Default Certificate" from the bank?
The "No Default Certificate" from the bank is one of the mandatory documents required for claiming the incentive. It likely ensures that the start-up has been fulfilling its loan repayment obligations.
How often can start-ups avail the benefits of this scheme?
Start-ups can avail of the benefits of this scheme bi-annually or annually.
Is there a specific time frame within which start-ups can apply for this scheme?
Start-ups can apply at any time during the financial year but only within 6 months of incurring the relevant expenditure.
Could you explain the criteria for expenditure to be considered for reimbursements under this scheme?
Expenditure incurred after the notification of the Goa Start-up Policy 2017 within the policy's validity, and paid digitally, will be considered for reimbursements. If digital payments are not possible, the SPC will decide based on due diligence.
What are the eligibility criteria related to the directors' bank accounts?
Directors of the company must have their bank accounts linked to Aadhaar.
Are there any conditions or limitations on availing the benefits of this scheme?
Yes, there are conditions. This scheme is not an entitlement, and the SPC reserves the right to accept or reject applications.
Could you elaborate on the benefits provided under this scheme for start-ups?
Certainly. Under this scheme, up to 3 projects with significant potential recommended by the Startup Promotion Cell (SPC) can receive a grant of 30% of the interest amount on a loan, up to INR 5 lakh per annum for two years. Additionally, other start-ups can avail of a 10% interest repayment grant on loans, up to INR 2 lakh per year for two years.
Can start-ups apply for this scheme if they have not yet received their start-up certificate from the SPC?
No, start-ups must have a valid start-up certificate number from the Start-up Promotion Cell (SPC) to be eligible to apply for this scheme.
Can you clarify what expenses qualify for reimbursement under this scheme?
Expenses that qualify for reimbursement under this scheme are those incurred after the notification of the Goa Start-up Policy 2017, paid digitally, and within the policy's validity. If digital payments are not possible, the SPC will make a decision based on due diligence.
Are there any penalties or consequences for start-ups found guilty of misrepresentation or fraudulent activity in connection with their application?
Yes, the scheme document mentions that start-ups may be prohibited from availing the benefits of this and/or any other scheme under the Goa Startup Policy 2017 if found guilty of misrepresentation or fraudulent activity in connection with their application.