“Grant of Margin Money for Availing Capital Loan” Component of the “Development of Coir” Scheme

Grant of Margin Money for Availing Capital Loan: A Component of the “Development of Coir” Scheme

The “Grant of Margin Money for Availing Capital Loan” is a pivotal initiative under the “Development of Coir” scheme, tailored to support entrepreneurs in launching new coir businesses or rejuvenating existing ones within the Union Territory of Puducherry. This scheme serves as a financial catalyst, enabling the establishment of coir units by providing essential margin money upon the approval of a project by a financial institution.

Overview of the Scheme

Administered by the Department of Industries and Commerce of Puducherry, this scheme encourages entrepreneurial ventures in the coir sector. The financial assistance offered is crucial for both new and existing enterprises aiming to enhance their operational capacity. Eligible applicants must ensure that their coir units are set up within Puducherry to benefit from this scheme.

Key Benefits

• The scheme provides 25% margin money, with a maximum limit of ₹25,00,000, based on the financial institution’s approval of a project valued at ₹1,00,00,000.
• The sanctioned loan amount will be directly disbursed to the bank on behalf of the entrepreneurs.

<liIt is mandatory for the commercial production to commence within six months following the release of the Margin Money Grant.

Eligibility Criteria

• The coir unit must be established within the territorial limits of Puducherry.

Application Process

To apply for this scheme, interested candidates must follow an offline application procedure:

1. Obtain the Application Form: Download and print the prescribed application format.
2. Complete the Application: Fill in all required fields on the application form, affix a passport-sized photograph (signed, if necessary), and attach self-attested copies of all mandatory documents.
3. Submit the Application: Visit the District Industries Centre located at Thattanchavady, Puducherry – 605 009, during working hours. Submit the completed application form along with the necessary documents to the designated authority.
4. Receive Acknowledgment: Upon submission, your application will be recorded in the application receipt register, and you will be assigned a unique identification number for future reference and acknowledgment.

Official Source

For more detailed information, visit the official website at myScheme.gov.in.

Required Documents

• Completed application form.
• Passport-sized photograph.
• Self-attested copies of relevant documents as specified in the application guidelines.

This scheme presents a significant opportunity for entrepreneurs in Puducherry, providing essential financial support to encourage the growth and sustainability of the coir industry. By availing of this margin money, new and existing businesses can enhance their production capabilities and contribute to the local economy.