Kerala Startup Mission (KSUM) has introduced a soft credit initiative, particularly for women start-ups, providing up to Rs 15 lakh in operating capital for completing works and projects obtained from government ministries and PSUs in the state.
According to a press statement issued here on Friday, the beneficiaries would be eligible for a loan of up to 80% of the purchase order, which will be given as an advance against the client’s milestone payment.
The six percent interest loan must be returned within one year or after the project is completed with a full settlement, whichever comes first.
Startups with an active Department for Promotion of Industry and Internal Trade (DPIIT) certification and a KSUM Unique ID are eligible to apply for the financing.
Women co-founders of start-ups can also qualify for the loan if their enterprise is registered in Kerala and they own a majority share in it.
Seed Revolving Fund Scheme and Seed Fund Scheme are two more KSUM lending programmes that prioritize women entrepreneurs. The former is an interest-free plan available only to women from Scheduled Castes (SC), while the latter offers a loan with a 6% interest rate.
The seed revolving loan has a ceiling of Rs 10 lakh and a one-year moratorium. It has a repayment schedule of 24 EMIs for loans up to Rs 5 lakh and 36 EMIs for loans beyond Rs 5 lakh.
In contrast to the grant programme, companies can apply for loan programmes at any time. Visit www.startupmission.kerala.gov.in to apply. Contact 8047180470 for further information.
KSUM is the state’s government’s nodal agency for entrepreneurship development and incubation initiatives.
