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Patna. Rs 477 crore has been sanctioned to 133 incubators in the country under Startup India Seed Fund Scheme. Out of this, three incubators of Bihar will get 10 crores. Three incubators of Bihar, Bihar Industrial Association (BIA), Bihar Entrepreneur Association (BEA) and Bihar Vidyapeeth have been made the nodal agency for this. After taking applications from incubator startups, seed money will be distributed among eligible startups.
Retired IAS officer of Bihar Vidyapeeth Vijay Prakash and BEA general secretary Abhishek Kumar said that funds have been sanctioned from the Center for seed money. According to the guidelines issued by the Center, to take advantage of this scheme, the startup should not have received monetary assistance of more than Rs 10 lakh under any other central or state government scheme. However, this does not include grants for competitions and subsidized work space, founder monthly allowance, access to laboratories or prototyping facilities.
Major Schemes under Startup India Initiative
The major schemes under Startup India initiative are Fund of Funds for Startups, Startup India Seed Fund Scheme and Credit Guarantee Scheme for Startups. All these three schemes provide assistance to startups in different steps of their business. Startups are then able to raise investment from angel investors or venture capitalists or take loans from commercial banks or financial institutions.
What is CGSS scheme for Startups
To promote startup culture, the central government has launched a new scheme. Under this, startup companies will get a maximum loan of Rs 10 crore without any guarantee. The government itself will guarantee the loan. For this, the Central Government has started the Credit Guarantee Scheme for Startups (CGSS) for Startups. Under this, they will be given mortgage-free loans (without any guarantee) up to the specified limit.
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