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Venture capital fund for backward class

Posted 01/04/2023
Description The  Government of India under the Ministry of Social Justice and Empowerment has initiated the Venture Capital Funds scheme to promote entrepreneurship and to provide financial assistance for the Backward Class (BC) entrepreneurs. The Industrial Finance Corporation of India will act as Sponsor, Settler and Asset Management Company (AMC) or Nodal Agency to implement the scheme. Under this scheme, assistance up to Rs.5 crores for a period up to 8 years will be provided to Backward class entrepreneurs. In this article, we look at the Venture Capital Funds for Backward class entrepreneurs in detail.
Provider Type Central Govt / State Govt / Private Sector Central Govt
Provider Name Ministry of social justice and empowerment
Amount 2 crore
Grant Conditions & Qualifying Criteria The eligibility criteria for the entrepreneurs to avail assistance under the scheme are as follows:The units or projects being set up in the manufacturing and services sector ensuring asset creation out of the funds deployed in the group is eligible for the scheme.While choosing the entrepreneurs, women and disabled Backward Class (BC) entrepreneurs are preferred.The companies were applying for the assistance of below Rs.50 lakhs, should hold 51% stake holdings by BC entrepreneurs for the past 6 months before requesting assistance under the scheme.For companies applying for the assistance of above Rs.50 Crore, should hold 51% stake holdings by BC entrepreneurs for the past 12 months before requesting assistance under the scheme.Proofs of being Backward Class (Caste Certificate) will have to be enclosed by the entrepreneur at the time of submitting the proposal.
Focus Sector (Healthcare, Defense, Agriculture, etc.)
Provider Contact Email NA
Provider Website URL https://socialjustice.gov.in/schemes/106
Type of funding (Grant, Loan or Equity) Grant
Process NA
Tips for Winning NA
Provider Indian State NA
Provider Contact Address
Is Active "Yes"
Other Details