Thiruvananthapuram: To promote entrepreneurship among youth, the Kerala State Industrial Development Corporation (KSIDC) will revolve around supplying technical and financial help to the young masters, throughout its seed finance aid program.
KSIDC had established seed fund aid in 2015, targeting advanced startup ventures which would likewise give them incubation centers, mentoring and networking assistance.
For powerful units which have finished the seed phase, the organization also supplies scale-up support for enlarging their enterprise and achieving expansion momentum.
Back in 2021-22, the company has chosen to provide seed-fund help into 30 startup venturesup to a max of Rs 25 lakh each project.
“The principal objective behind the initiatives is to make a paradigm change in the disposition of this young generation to become project suppliers as opposed to job seekers,” said M Rajamanickam, managing director, KSIDC.
The seed fund strategy primarily targets encouraging commercially-viable scientifically and technologically advanced projects encouraged by young entrepreneurs.
Under the scheme, financial assistance up to Rs 25 lakhs roughly 90 percent of the project cost, whichever is lower, is supplied as a loan for a single year with an interest rate (adjusted ) equivalent to the lender price prescribed by RBI from time to time.
Currently, the rate of interest is 4.25 percent.
Following the one-year depreciation, the loan may be converted to equity funding in the face value or reimbursed together with interestrates.
For seed finance assisted startups who have successfully finished product development and also have introduced their merchandise on the marketplace, KSIDC offers additional financial aid up to Rs 50 lakhs for climbing up their company actions.
This scale-up support will be granted as an advance for 3 decades.
From the present fiscal year, it’s suggested to give scale-up service to five ventures.
With the goal of supplying decent workplace infrastructure to potential youthful entrepreneurs /innovators, KSIDC has established a tech company incubator (TBI) in UL Cyberpark, Kozhikode.
In TBI, the startups can be found 82 plug-and-play workstations and shared amenities, such as online and reception, discussion space, conference space, etc..
Interested entrepreneurs must get KSIDC Kochi office (Ph: 0484- 2323010).
KSIDC loan for young entrepreneurs
