Share Capital to Local Entrepreneurs and Self Employed Scheme, 2008

DETAILS Launched in 2008, the scheme "Share Capital to Local Entrepreneurs and Self Employed Scheme, 2008" by the Directorate of Industries, Trade and Commerce, Government of Goa aimed to encourage local youths, preferably of Goan origin, to start income-generating activities by providing share capital contribution for industrial and self-employment opportunities. The scheme offered financial support up to ₹2,00,000/- per individual (₹3,00,000/- for those with professional qualifications) and up to ₹10,00,000/- for groups, covering 50% of the project cost. Eligible applicants included individuals or groups of individuals who were residents of Goa for at least 15 years, with preference given to women, disabled persons, and those from Scheduled Castes, Scheduled Tribes, and Other Backward Classes. The scheme was implemented by the Directorate of Industries, Trade and Commerce, Goa, and remained in force until 31st March 2011. BENEFITS Capital Contribution ₹2,00,000/- per individual, covering 50% of the total project cost. ₹3,00,000/- per individual for those with professional qualifications, provided the business activity was linked to their qualifications. ₹10,00,000/- maximum for groups, with no restriction on the number of members. Interest-Free Loan: The capital contribution was interest-free. Repayment: Repayment was to be made in equal monthly installments within 10 years, with a moratorium period not exceeding one year. Insurance Cover: Special insurance cover was provided, absolving the beneficiary of outstanding dues in case of death or permanent disability. The insurance premium was ₹200 per,00,000/- or part thereof, to be paid once before disbursal. Disbursement Disbursement of capital contribution was made upon approval of the application by the Task Force Committee. The last date for disbursement was 31st January for claims filed between January and June, and 31st July for claims filed between July and December. ELIGIBILITY The applicant could be Individuals or groups of individuals could apply. Individuals born and resident in Goa for 15 years were given preference. The applicant had to be below 40 years of age. For women, disabled persons, Scheduled Castes, Scheduled Tribes, and Other Backward Classes, the age limit was relaxed by 5 years. The applicant had to have passed at least the 8th standard. This requirement could be relaxed in deserving cases by the Director of Industries, Trade and Commerce. The income of the applicant along with their spouse should not exceed ₹80,000/- per annum. The applicants who had availed more than 15% subsidy under any other scheme were not eligible. The applicants who were covered under the Kamdhenu Scheme (except for dairy/dhilling units) were not eligible. Preference/Priority Priority was given to women entrepreneurs, self-help groups of women, and disabled persons. 30% of the budgeted outlay was reserved for women entrepreneurs. *The Director of Industries, Trade and Commerce could relax any provision of the scheme with government approval if needed.