There are many start-ups popping up in India and getting funding for these business might seem to be a concern. Getting funds for a small business venture might not be easy for everyone. Banks and NBFCs might provide business loans to aspiring entrepreneurs, but sometimes they might not get approved all the time. Fortunately, there are government backed schemes that are willing to help these small ventures by providing loans for their business to grow.
Here are a few government loans provided for business startups in India:
The Credit Guarantee Scheme (CGS) - This scheme was launched by the Government of India, for Micro and Small Enterprises. The aim was to make available collateral-free credit to the micro and small enterprise sectors. Credit facilities like term loans or working capital facility of up to Rs. 100 lakh is provided without any collateral.
MUDRA (Micro Units Developments and Refinance Agency) Loan Scheme - This scheme strives to provide adequate funds to non corporate small business sectors. Get loans amounts from Rs. 50,000 to Rs. 10 lakhs. Loans are provided based on stages of business and funding needs
Bank Credit Facilitation Scheme - The NSCI partners with various banks and manges credit support from banks at no cost to the MSMEs
Support for International Patent Protection in Electronics & Information Technology (SIP - EIT) - This scheme provides support to MSMEs and technology start-up units for international patent filing
High Risk - High Reward Research is a scheme supporting new proposals and ideas on science and technology.
Additional Reading: Government Loans for Small Business Startup in India
Are you looking for a business loan at low interest rates? Check eligibility now at CreditMantri!