Spurring Entrepreneurship Initiative
Under this scheme youth in the age group of 18 to 40 years shall be given financial assistance between 2.0 Lakh to 20 Lakh for creation or expansion of existing business venture within J&K with special focus on high growth entrepreneurship through business development plan competitions. It shall identify individuals with promising ideas and the aspiration to grow, help these individuals formalize their ideas with development of a detailed business plan, and then spur the development of these potentially high growth ideas by providing financing to the selected startups under this scheme.
The core principle is to let youth decide on the nature and manner of their business rather than giving an enumerative list of businesses and ask them to choose from a confined sphere of prescribed activities. Under this scheme 25% of the cases financed in a particular financial year are reserved for women.
- The financial assistance would be given only to youth between the age of 18 to 40 years having a minimum qualification of 12th standard or above. Provided that CEO Mission Youth shall be competent to relax the educational qualification/age criteria for deserving candidates on a case to case basis, based on proper justification.
- Financial assistance under the scheme shall be provided to youth proposing the creation of a new or expansion of an existing business venture within J&K. Assistance shall be provided to meet requirements of assets such as plant and machinery and working capital.
- For candidates seeking assistance for new start up units, the concerned youth shall be unemployed and registered with the concerned District Employment and Counseling Center
- For candidates seeking assistance for expansion of existing business, he/she should be having an established business for at least 2 years.
- Non-individual enterprises wherein at least 51% of the shareholding and controlling stake is held by one entrepreneur subject to requirement that the entrepreneurs meet the criteria at i and ii of this rule.
- Borrower should not be in default to any bank/financial institution
- The units which have already availed any incentive or subsidy under any scheme of the Government of India or the erstwhile State or UT Government shall not be eligible for assistance under the scheme.
- Preference would be given to businesses creating innovative solutions in sectors such as social impact, waste management, water management, financial inclusion, education, agriculture, food processing, biotechnology, healthcare, IT, Community, Social & Personal Service Activities Food Products Sector Textile Products Sector / Activity Finance to Micro Units Engineering sector like electronic, e-commerce, GSM/ GPRS based technology, IT & allied services, biotechnology sector like microbial, plant, medical genetics and diagnostics, health Care and life sciences etc. tourism Handlooms, handicrafts and artisans product etc.
- One person can seek the assistance under this scheme only once.
- 25 percent of the cases to be sanctioned under this scheme in a particular financial year shall be reserved for women. This subcomponent of the scheme shall be implemented in collaboration/convergence with JKTPO, SRLM or any other government organization concerned with women development as may be decided by CEO Mission Youth from time to time. Sanction of cases under this component shall also be governed by provisions this scheme.