"Grant of Margin Money for Availing the Capital Loan" Component of the "Development of Silk" Scheme

DETAILS The "Grant of Margin Money for Availing the Capital Loan" Component of the "Development of Silk" Scheme by the Department of Industries and Commerce, Union Territory of Puducherry, aims to encourage the entrepreneur to set up Silk Weaving Units in Puducherry. This margin money grants will reduce the initial financial burden on the entrepreneurs while availing term loan/working capital loan from the financial institutions for setting up of silk weaving units. BENEFITS 25% as margin money (restricted to ₹50,000/-) on the loan amount, upon receipt of sanction order from the financial institution. The amount is released to the bank on behalf of the entrepreneurs. ELIGIBILITY The applicant should belong to Puducherry by virtue of birth or by residence continuously for 5 years The applicant should ascertain availability of loan. The silk unit should be set up in Puducherry. The unit should start its commercial production within six months from the date of release of the Margin Money Grant. The income of the applicant and his/her family members should not be more than ₹1,00,000/- and above from all sources.