SCLESES

Share Capital to Local Entrepreneurs and Self Employed Scheme, 2008

The "Share Capital to Local Entrepreneurs and Self Employed Scheme, 2008" aimed to encourage local youths to start income-generating activities and promote self-employment. The scheme provided financial support for individuals and groups, covering 50% of the project cost.

State Cash

States / UT: Goa

Nodal department: Commercial Taxes Department

Scheme for: Infra

Scheme profile

DBT (direct benefit transfer): No

Scheme open date: 2009-01-30

Categories: Business & Entrepreneurship

Sub-categories: Setting up / start-up / entrepreneurship, Loan, Micro finance

Target beneficiaries: Business Entity

Tags: Entrepreneur, Employed, Loan, Insurance

Details

Launched in 2008, the scheme "Share Capital to Local Entrepreneurs and Self Employed Scheme, 2008" by the Directorate of Industries, Trade and Commerce, Government of Goa aimed to encourage local youths, preferably of Goan origin, to start income-generating activities by providing share capital contribution for industrial and self-employment opportunities. The scheme offered financial support up to ₹2,00,000/- per individual (₹3,00,000/- for those with professional qualifications) and up to ₹10,00,000/- for groups, covering 50% of the project cost. Eligible applicants included individuals or groups of individuals who were residents of Goa for at least 15 years, with preference given to women, disabled persons, and those from Scheduled Castes, Scheduled Tribes, and Other Backward Classes. The scheme was implemented by the Directorate of Industries, Trade and Commerce, Goa, and remained in force until 31st March 2011.

Benefits

  • - Capital Contribution
  • ₹2,00,000/- per individual, covering 50% of the total project cost
  • ₹3,00,000/- per individual for those with professional qualifications, provided the business activity was linked to their qualifications
  • ₹10,00,000/- maximum for groups, with no restriction on the number of members. Interest-Free Loan: The capital contribution was interest-free. Repayment: Repayment was to be made in equal monthly installments within 10 years, with a moratorium period not exceeding one year. Insurance Cover: Special insurance cover was provided, absolving the beneficiary of outstanding dues in case of death or permanent disability. The insurance premium was ₹200per,00,000/- or part thereof, to be paid once before disbursal. Disbursement
  • Disbursement of capital contribution was made upon approval of the application by the Task Force Committee
  • The last date for disbursement was 31st January for claims filed between January and June, and 31st July for claims filed between July and December

  • Capital Contribution

  • ₹2,00,000/- per individual, covering 50% of the total project cost.

  • ₹3,00,000/- per individual for those with professional qualifications, provided the business activity was linked to their qualifications.

  • ₹10,00,000/- maximum for groups, with no restriction on the number of members.

Interest-Free Loan: The capital contribution was interest-free.
Repayment: Repayment was to be made in equal monthly installments within 10 years, with a moratorium period not exceeding one year.
Insurance Cover: Special insurance cover was provided, absolving the beneficiary of outstanding dues in case of death or permanent disability. The insurance premium was ₹200 per,00,000/- or part thereof, to be paid once before disbursal.
Disbursement

  • Disbursement of capital contribution was made upon approval of the application by the Task Force Committee.
  • The last date for disbursement was 31st January for claims filed between January and June, and 31st July for claims filed between July and December.

Eligibility

  • The applicant could be Individuals or groups of individuals could apply. Individuals born and resident in Goa for 15 years were given preference.
  • The applicant had to be below 40 years of age. For women, disabled persons, Scheduled Castes, Scheduled Tribes, and Other Backward Classes, the age limit was relaxed by 5 years.
  • The applicant had to have passed at least the 8th standard. This requirement could be relaxed in deserving cases by the Director of Industries, Trade and Commerce.
  • The income of the applicant along with their spouse should not exceed ₹80,000/- per annum.
  • The applicants who had availed more than 15% subsidy under any other scheme were not eligible.
  • The applicants who were covered under the Kamdhenu Scheme (except for dairy/dhilling units) were not eligible.

Preference/Priority

  • Priority was given to women entrepreneurs, self-help groups of women, and disabled persons.
  • 30% of the budgeted outlay was reserved for women entrepreneurs.

*The Director of Industries, Trade and Commerce could relax any provision of the scheme with government approval if needed.

Application Process

Offline

Step 1: The applicant had to purchase the application form for ₹25/- from the Directorate of Industries, Trade and Commerce, Udyog Bhavan, Panaji, Goa.
Step 2: The applicant had to fill in all the mandatory fields, and attach copies of all the mandatory documents (self-attest, if required).
Step 3: The applicant had to pay a non-refundable processing fee of ₹200/- and attach the receipt with the application.
Step 4: The applicant had to submit the duly filled and signed application form along with all required documents to -
The Directorate of Industries, Trade and Commerce, Udyog Bhavan, Panaji, Goa.

Post Application Processes

Step 1: The Task Force Committee (TFC) scrutinized the application and recommended it for disbursement if found feasible.
Step 2: Upon approval, the capital contribution was disbursed by the Directorate of Industries, Trade and Commerce or the Economic Development Corporation.
*Beneficiaries had to repay the capital contribution in equal monthly installments within 10 years, with a moratorium period not exceeding one year.
*Beneficiaries had to pay the insurance premium (₹200 per,00,000/- or part thereof) before the disbursal of the loan.

Appeal Process

In case of grievances, the last date to file an appeal was 20th February for claims filed between January and June, and 20th August for claims filed between July and December.

Clarifications

Additional points from the scheme information published on myScheme (not legal advice).

What was the maximum financial support provided to an individual under the scheme?
The scheme offered financial support up to ₹2,00,000/- per individual, covering 50% of the total project cost. For those with professional qualifications, the support could go up to ₹3,00,000/-.
Could groups apply for financial support under the scheme, and what was the maximum amount?
Yes, groups of individuals could apply, and the maximum financial support for groups was ₹10,00,000/-, with no restriction on the number of members.
What was the repayment period for the capital contribution, and was there a moratorium?
The repayment period was 10 years, with equal monthly installments, and a moratorium period not exceeding one year was allowed.
Was there any insurance cover provided under the scheme, and what were the conditions?
Yes, special insurance cover was provided, absolving the beneficiary of outstanding dues in case of death or permanent disability. The insurance premium was ₹200 per ₹1,00,000/- or part thereof, paid once before disbursal.
What were the last dates for disbursement of claims filed between January and June?
The last date for disbursement of claims filed between January and June was 31st January.
What were the last dates for disbursement of claims filed between July and December?
The last date for disbursement of claims filed between July and December was 31st July.
Was there any preference given to applicants based on their residency in Goa?
Yes, individuals born and resident in Goa for at least 15 years were given preference.
What was the age limit for applicants under the scheme?
Applicants had to be below 40 years of age, but the limit was relaxed by 5 years for women, disabled persons, Scheduled Castes, Scheduled Tribes, and Other Backward Classes.
What was the minimum educational qualification required to apply for the scheme?
Applicants had to have passed at least the 8th standard, but this requirement could be relaxed in deserving cases by the Director of Industries, Trade and Commerce.
What was the income limit for applicants to be eligible under the scheme?
The income of the applicant along with their spouse should not exceed ₹80,000/- per annum.
Were applicants who had availed more than 15% subsidy under other schemes eligible?
No, applicants who had availed more than 15% subsidy under any other scheme were not eligible.
Was priority given to any specific group of applicants under the scheme?
Yes, priority was given to women entrepreneurs, self-help groups of women, and disabled persons.
What percentage of the budgeted outlay was reserved for women entrepreneurs?
30% of the budgeted outlay was reserved for women entrepreneurs.

References

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Documents Required for Government Schemes

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