Bhopal, November 12, 2024,The Chief Minister’s Entrepreneurship Revolution Scheme, an MSME initiative connecting youth with self-employment, has been honored as a semi-finalist at the prestigious Skoch of Merit awards. This recognition highlights Madhya Pradesh’s efforts in empowering MSMEs, fostering entrepreneurship, economic growth, and promoting transparency. Under this scheme, loans totaling ₹1,056.42 crore have been provided to 16,331 young beneficiaries.
**Chief Minister’s Entrepreneurship Revolution Scheme**
This scheme aims to support educated youth in Madhya Pradesh by offering collateral-free loans at subsidized interest rates through banks. It provides loans ranging from ₹50,000 to ₹50 lakh for manufacturing units and up to ₹25 lakh for service and retail businesses.
**Eligibility and Provisions**
Applicants must be between 18 and 45 years old, have passed at least 8th grade, and have a family income below ₹12 lakh annually. They should not be beneficiaries of other self-employment schemes or defaulters with any bank or financial institution.
Beneficiaries under this scheme receive an interest subsidy of 3% per annum, applicable for up to 7 years. Additionally, loan guarantee fees are reimbursed at the prevailing rate for a maximum of 7 years.
Author: This news is edited by: Abhishek Verma, (Editor, CANON TIMES)
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