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Apply For Government Business Loan – Government business loans are primarily intended to give money to people, business owners and SMEs engaged only in trade, production and services. The government has launched several loan programs that can be chosen based on the type of business and its needs. It also highlights the types, features and eligibility requirements of corporate/SME loans offered by banks and NBFCs, as well as credit initiatives introduced by the Government of India.
This scheme was designed by the government to finance non-business and non-agricultural small/micro enterprises. Mudra loans are available through commercial banks, public and private sector banks, rural regional banks (RRBs), small finance banks and corporate banks. Interested applicants should contact one of the funding bodies listed above or apply online at the official MUDRA website. MUDRA loans are mostly used by small companies and startups.
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Individuals, SMEs, sole proprietors/companies in rural and urban regions, as well as individuals, SMEs and sole proprietors/companies can apply for a loan in the Non-Corporate Small Business (NCSB) sector. Below are some cases of NCSB:
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Run by Small Industries Development Bank of India (SIDBI), Stand up India was established to give money to SC/ST people and women entrepreneurs. This plan provides bank loans from Rs. 10 million to Rs. 1 crore at least per SC/ST and per borrower per bank branch.
Under this plan, companies in the trade, manufacturing or service sectors are eligible to receive loans. In case of non-individual companies, at least 51% of shares must be owned by SC/ST or woman entrepreneur.
In 2018 November 5 The Prime Minister launched a dedicated digital platform or website, psbloansin59minutes.com, to enable start-ups and MSMEs to avail loans up to Rs. 5 crores in just 59 minutes of confirmation. The Government of India has created this loan scheme to provide financial assistance to start-ups, micro small and medium enterprises (MSMEs) across India. Here are some of the key features of this type of loan:
Collateral-free loans: Since the online portal is directly linked to the Credit Guarantee Fund for Micro and Small Enterprises (CGTMSE) program, no collateral or guarantee is required.
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Fast access to financial aid: These loan processes usually take 7-10 business days. On the other hand, the loan approval process takes just 59 minutes.
Fast disbursement: After granting a loan within an hour, you can expect the disbursement of funds within 7-8 working days.
Under the National Small Industries Corporation Subsidy (NSICS), the government helps small businesses with two financial benefits: marketing support and raw material assistance. Its advantages are:
Founded in 2015, SMILE is managed by the Small Industries Development Bank of India (SIDBI). The objective of this plan is to provide subsidized loans to meet the debt-to-equity ratio required for the development of new SMEs and the expansion of existing companies. The interest rate for SMILE Timely Working Capital Assistance is 8.25% during the COVID period plan.
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Eligibility: All current accounts of borrowers, including those under credit agreements, with total outstanding credit lines up to 25 Crores in 2020. February 29
In order to improve and rationalize the provision of credit to the SME sector, the Government has created the Credit Guarantee Fund for Micro and Small Enterprises (CGTMSE) scheme. Under this program, credit institutions include state-owned, commercial and international banks, as well as regional rural banks (RRBs) and SBIs with their partner banks.
New and existing MSMEs engaged in manufacturing or services other than retail, educational institutions, agriculture, self-help groups (SHGs) and training institutions are eligible to participate in this scheme.
Individuals, Start-ups, SMEs, Traders, Manufacturers, Traders, Sole Proprietors, Partnership Firms, Business Owners, Public and Private Corporations, Large Enterprises, etc. eligible for government loans. You must be at least 18 years old to apply for a government business loan. Existing businesses must be in business for at least one year to qualify for a loan.
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The documents required for these government initiatives may vary. However, to give you an idea of what documents you may need to apply for the programs, we have included some common documents:
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Whether you’re just starting a small business or you’re well-established, there will always be a need for funds. This could be meeting working capital needs, upgrading technology, hiring new staff or simply meeting a sudden increase in demand. The best way to meet these funding requirements is through a small business loan. While a small business owner can always approach banks (for secured loans) or NBFCs and other institutions (for unsecured loans), he also has the option of government small business loans.
There is a lot of financial assistance that the government provides to small businesses by providing loans through various institutions. The government has also created a number of special organizations and schemes with the main aim of helping small businesses.
Before looking into government loans for small businesses, it’s important to know what a small business is. Although colloquially referred to as a small business, technically an organization can be a very small, small or medium-sized enterprise. Known as MPME, it is a sector defined by the amount of resources invested in plant and machinery or equipment directly or indirectly related to the provision of services. Let’s take a look at the financial schemes the government offers to SMEs and what it would take to apply for them.
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Here are some government loans for small businesses offered under various initiatives created by the Government of India.
There are six broad schemes under the Ministry of Micro, Small and Medium Enterprises, each with sub-schemes that have individual eligibility criteria and benefits. There are a total of 32 schemes on offer, each falling into one of six broad schemes which are:
The first and main criterion is that the applicant is a very small, small or medium-sized enterprise, as defined by the Ministry of SMEs. It is based on investment in fixed assets and companies are classified as follows.
Once the basic SME criteria are met, the business must meet certain conditions that vary from scheme to scheme.
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Banks, especially public sector banks, are always the first choice when a small business owner is thinking about applying for a small business loan. Fees and charges are generally lower compared to those offered by private and international banks. The most common loans that a small business can choose from are:
So it is very likely that the nearest public sector bank may have the schemes ready now.
Bank of Baroda’s MSME and Small Business Borrower Package is a classic example of this.
Any company can apply for a loan. However, the approval and subsequent sanction of your loan application depends on several criteria that vary widely from lender to borrower and facility to facility. Some of them are:
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There are more than 50 startup schemes offered by various institutions under Startup India, which is part of the Department of Industrial Policy and Promotion of the Ministry of Commerce and Industry.
For example, there are schemes that only apply to the IT sector or the agricultural industry. There are also certain schemes that are sector agnostic and apply across sectors. The benefits of each scheme can be provided through direct financial assistance or indirect financial assistance such as tax relief.
As mentioned earlier, eligibility for a particular incorporation scheme depends on the industry in which the company operates. However, other factors, such as the entrepreneur’s caste and gender, can also play a role in deciding how much allowance is given to a start-up.
The Government of India has created several organizations to meet the financial needs of small businesses that offer certain schemes specifically tailored to the needs of small businesses. These are:
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There is also a MUDRA scheme which provides loans up to ₹10,000. These loans are provided by commercial banks, RRBs, small finance banks, cooperative banks, MFIs and NBFCs. MUDRA has developed three products namely Shishu, Kishore and
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