The Micro Small Enterprise Funding Scheme is initiated by the Government of Tamil Nadu to advance the growth and competitiveness of micro and small enterprises (MSE).The Tamil Nadu Industrial Investment Corporation Limited (TIIC) charges with overseeing and executing this scheme. Even the Government of Tamil Nadu provides financial assistance under this MSE funding scheme. Moreover, to the New or Well-Known Units in Micro and Small Enterprises with an overall project outlay of Rs.50.00 lakhs.
The main objective is to the extension of financial assistance. To new/existing micro and small enterprise units with a cumulative project outlay of Rs.50 lakh. Other purposes are as follows:
- Upgrading infrastructure facilities in new or existing MSE industrial zones through financial assistance provided.
- For the creation of fixed assets in small businesses and small businesses (MSE).They are improving the growth of micro / small businesses through the advancement of technology. Also, the skills, and quality, access to markets, access to resources. Also, to increase the potential of the MSEs. By forming self-help groups, consortia, up-gradation of associations, etc. Construction of research centers, training centers, depots of raw materials, effluent disposal, complementary manufacturing methods, etc.
Eligibility Criteria for Micro Small Enterprise Funding Scheme, Tamilnadu
The conditions for eligibility for financial assistance under the Micro / Small Enterprises Funding Scheme here:New micro and small-scale enterprises for the manufacturing, storage, or processing products, regardless of location. Also, for service sector ventures such as hospitals, fast food restaurants, etc. Except for small road transport operators [SRTOs], new micro and small-scale enterprises. Even the Tamil Nadu Current Micro and Small Scale Enterprises (MSE) Units. Moreover, the Service Businesses, Growth, Modernization, Gradation of Technology and Diversification Importantly all the Propertship, Partnership, and Limited companies like LLP.
The cost of a project under the Micro and Small Enterprises Funding Scheme never exceeds Rs.50 Lakh. Also, this amount is only for the new units. In respect of existing MSE units, the cost of the project never exceeds Rs.50. Lakhs. Under the Micro and Small Enterprises Funding Scheme, the allotment of the Loan depends on the type of user:
Firstly, for New MSE Units, a term loan 80% of Project cost subject. That governs a maximum of up to Rs.40 lakhs.
Secondly, for existing MSE units, a term loan of 75% of the project cost. That governs to a maximum of Rs.37.50 lakhs.
The Minimum Promoter’s contribution to the Micro and Small Enterprises Funding Scheme is set at 20% of the project cost. But in Detail :
So, the Promoter’s Contribution to all the New units is 20% of Project Cost.
And Promoter’s Contribution to all the Existing units is 25% of Project Cost.
- KYC documents
- Proof of ID: Aadhar card, PAN card, Passport, voter ID
- Proof of residential address
- Projected balance sheet/ Project report
- Business address proof
- Business registration Proof: – Partnership title / Certified copies of MOA / AOA
- Bank statement 6 months ago( If existing unit)