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Blog ID : 189266
Capital & Interest subsidy to small size organization for setting up new manufacturing unit within municipal limits by promoters who are above 35 years in age

Operated by

Industries and Mines Dept.-Industries Commissionerate, Govt. of Gujarat

Purpose

Assistance provided for Capital and Interest Subsidy to Small Enterprises for setting up of new manufacturing unit within municipal areas

Beneficiary type

New enterprise during operative period (From 01/01/2015 to 31/12/2019)

Nature of benefit

Financial Assistance

Probable duration

01/01/2015 to 31/12/2019

Eligibility

The Enterprise registered as an industrial unit under MSME Development act, 2006 with respective DIC as manufacturing enterprise in Municipal Corporation Areas.
Eligible only on Loan Amount disbursed by the Bank/Institution.
For setting up new enterprise during operative period of the scheme such enterprise has to commence production during the operative period.
For interest subsidy, the enterprise must have obtained the first disbursement during the operative period.
New enterprise registered during operative period (1/1/2015 to 31/12/2019)
Enterprise should be a small sized manufacturing unit within the municipal area limit
Promoters of the firm should be above 35 years in age

Benefit Description

Subsidy @ 10% of term loan amount disbursed by the bank/ Financial Institution with maximum amount of Rs.15 lakhs
Interest subsidy of 5% on Outstanding term loan with a maximum limit of Rs. 25 lakhs per annum for a period of 5 years

Application process

Form to apply for the scheme can be retrieved from the following link : http://ic.gujarat.gov.in/wp-content/uploads/2015/12/ApplicationForm-01.pdf

Other Details

Conditions if Any

Old & second hand machinery will not be eligible for assistance.
Enterprise which has obtained first disbursement during the operative period of the scheme will eligible for the assistance.
In case term loan is sanctioned after one year from the date of commencement of commercial production, such enterprise will not eligible for subsidy under the scheme.
The Unit shall have to continue production at least for 5 years from the date of commencement of commercial production, and if, it fails to do so than subsidy already been disbursed will be recovered as land revenue arrears.
Eligible only on Loan Amount disbursed by the Bank/Institution.
Total quantum of Capital Subsidy (State + Central) in any case shall not exceed the total loan amount disbursed by the bank/Financial Institutes.
Enterprise shall have option for date of availment of interest subsidy either from the date of first disbursement of the loan or from the date of commencement of commercial production. This opted date will be final and period of 5 year will start from that date.
The interest subsidy will be reimbursed to the enterprise who pays regular instalments and interest there of to the financial institution. If the enterprise becomes defaulter for any period, it will not be eligible for reimbursement of interest subsidy for that default period.
In case term loan is sanctioned after one year from the date of commencement of commercial production, such enterprise will not eligible for Interest subsidy under the scheme.
Total quantum of Interest Subsidy (State + Central) in any case shall not exceed the total loan amount disbursed by the bank/Financial Institutes

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Date Added : 12-11-2016