Loan Schemes Available for MSMEs in Odisha

MSMEs (Micro, Small and Medium Enterprises) play a crucial role in the growth and development of the Indian economy. They are a source of employment for a large section of the population and contribute significantly to the GDP of the country. However, the growth of MSMEs is often hindered by a lack of access to finance. To overcome this challenge, the government has introduced several loan schemes that cater to the specific needs of MSMEs.

Odisha is one of the most promising states in India when it comes to MSMEs. The state government of Odisha has launched several loan schemes to support the growth of MSMEs in the state. In this article, we will discuss some of the most popular loan schemes available for MSMEs in Odisha. 

• Mukhya Mantri Swarozgar Yojana (MMSY)

MMSY is a loan scheme that aims to promote self-employment opportunities for the unemployed youth of Odisha. Under this scheme, the state government provides financial assistance of up to Rs. 10 lakhs to eligible entrepreneurs. The loan is provided at an interest rate of 5% per annum for a tenure of up to 7 years.

• Chief Minister’s Employment Generation Programme (CMEGP)

CMEGP is a loan scheme that aims to promote entrepreneurship in Odisha. Under this scheme, financial assistance of up to Rs. 25 lakhs is provided to new and existing micro and small enterprises. The loan is provided at an interest rate of 5% per annum for a tenure of up to 7 years.

• Gramodyog Rozgar Yojana (GRY)

GRY is a loan scheme that aims to promote rural entrepreneurship in Odisha. Under this scheme, financial assistance of up to Rs. 10 lakhs is provided to eligible entrepreneurs in rural areas. The loan is provided at an interest rate of 5% per annum for a tenure of up to 7 years.

• Mukhyamantri Karigar Sahayata

The Mukhyamantri Karigar Sahayata scheme aims to provide financial assistance to artisans and craftsmen in Odisha. The scheme provides assistance to individual artisans and groups for the purchase of raw materials, equipment, and tools. The scheme also provides for the training of artisans to improve their skills and knowledge.

• Odisha State Handloom Weavers’ Cooperative Society Ltd.

The Odisha State Handloom Weavers’ Cooperative Society Ltd. provides financial assistance to handloom weavers in the state of Odisha. The society provides loans to weavers for the purchase of raw materials, equipment, and tools. The scheme also provides for the training of weavers to improve their skills and knowledge.

• Odisha State Cashew Development Corporation

The Odisha State Cashew Development Corporation provides financial assistance to cashew nut processors and exporters in the state of Odisha. The corporation provides loans for the purchase of raw materials, equipment, and tools. The scheme also provides for the training of cashew nut processors and exporters to improve their skills and knowledge.

• Mukhyamantri Krushi Udyog Yojana

The Mukhyamantri Krushi Udyog Yojana scheme aims to provide financial assistance to small and marginal farmers, entrepreneurs, and unemployed youth in the state of Odisha. The scheme provides loans for the purchase of land, equipment, and tools. The scheme also provides for the training of farmers and entrepreneurs to improve their skills and knowledge.

1. Mission Shakti: 

This is a women-focused self-help group (SHG) empowerment programme launched by the Odisha government. Under this scheme, SHGs are provided financial assistance, training and support to promote entrepreneurship among women.

1. Mukhyamantri Swasthya Seva Mission: This scheme provides financial assistance to SC/ST women entrepreneurs who are engaged in healthcare-related businesses, such as hospitals, clinics, diagnostic centres, and pharmacies.

1. Odisha State Scheduled Caste & Scheduled Tribe Development Finance Co-operative Corporation Ltd: This scheme provides financial assistance to entrepreneurs belonging to the SC/ST category. Loans are provided for various business activities, including manufacturing, agriculture, and service sectors.

1. Odisha State Women’s Development Corporation: This scheme provides financial assistance to women entrepreneurs in the form of loans and subsidies. Women entrepreneurs can avail loans for various activities, such as agriculture, animal husbandry, and fisheries.

At Finline, we can help MSMEs and entrepreneurs in Odisha by providing them with a comprehensive project report creation service. Our team of experts can assist with preparing a detailed and professional project report that meets the requirements of various lending institutions, thereby helping entrepreneurs secure loans quickly and easily.