Did you know that 33 percent of small businesses in Odisha rely on loans provided by the government to expand? When you are intending to set up or develop your business, the Odisha Government loan scheme can assist you to obtain the finances you require.
These packages are custom made to startups and small enterprises. They provide low interest loans, subsidies and even loans that are not secured. You can simply start or expand your business with the help of the MSME loan Odisha options. Here in this blog we will be discussing the various schemes, their eligibility and how one can start.
What is the Odisha Government Loan Scheme?
The Odisha Government loan scheme is a business support program that supports entrepreneurs, startups and small businesses within the state. Such programs are implemented to encourage local business development, self-employment as well as strengthen the economy of the state. The Odisha Government loan scheme provides the ease of funding whether you are initiating a new venture or developing an already existing venture.
One of the major elements of this initiative is the MSME loan Odisha. It offers loans to the Micro, Small, and Medium Enterprises (MSMEs) in order to support them with capital requirements, machinery modernization and working capital. In addition to the MSME support, the government also offers subsidy loan for business in Odisha where the interested entrepreneurs can avail financial support at a lower interest rate or subsidies.
In case you want convenient methods of applying, then the Odisha Govt loan scheme apply online facility is the one that will enable you to make applications to the government portals without the need to get into any kind of trouble. The Mukhyamantri Krushi Udyog Yojana Odisha is one of the most popular schemes in which financial assistance is provided to farmers and agribusiness entrepreneurs to establish agro-based industries.
Additionally, the Odisha Government 1 Lakh loan scheme provides small loans of up to ₹1 lakh, especially for street vendors and small shop owners, to help them recover and grow their businesses.
These loan schemes aim to create more job opportunities, support small businesses, and promote economic growth in Odisha.
- Gramodyog Rozgar Yojana (GRY)
- Mukhyamantri Krushi Udyog Yojana Odisha
- PM Vishwakarma Scheme
- Credit Linked Capital Subsidy Scheme (CLCSS)
- Pradhan Mantri MUDRA Yojana (PMMY)
- Prime Minister’s Employment Generation Programme (PMEGP)
- Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)
- Stand-up India
- SIDBI Make in India Soft Loan Fund for MSMEs (SMILE)
- Startup Odisha Loan Scheme
- MSME Development Policy – Odisha
- Kalinga Siksha Sathi Yojana (KSSY)
Gramodyog Rozgar Yojana (GRY)
The Odisha Government loan scheme like the Gramodyog Rozgar Yojana (GRY) aims to promote rural entrepreneurship in Odisha. The scheme is implemented by the Khadi and Village Industries Commission (KVIC) through its state and district offices. Through this Odisha Government Loan Scheme, the beneficiaries will get financial assistance in the form of loans and grants with competitive interest rates as well as flexible repayment tenure. The scheme also provides training and skill development programs to the beneficiaries to help them set up and run their businesses successfully. This initiative is a part of the broader efforts under the MSME loan Odisha category to support small businesses and rural entrepreneurs. Following are some of its key highlights:
| Loan amount | ₹10,000 to ₹25 lakhs |
|---|---|
| Interest rates | 4% per annum for general category beneficiaries and 2% per annum for SC/ST, women, and differently-abled beneficiaries |
| Rural/Urban | Only available to Rural areas |
| Loan tenure | 7 years |
| Gender | Male/Female |
Mukhyamantri Krushi Udyog Yojana Odisha
The Mukhyamantri Krushi Udyog Yojana Odisha is an Odisha Government loan scheme that aims to provide financial assistance to small and marginal farmers, entrepreneurs, and unemployed youth in the state of Odisha. This scheme falls under the broader initiatives of MSME loan Odisha, supporting individuals in setting up agricultural enterprises. The scheme provides loans to purchase land, equipment, and tools. The scheme also provides for the training of farmers and entrepreneurs to improve their skills and knowledge. Following are some of its key highlights:
| Loan amount | ₹10 lakhs to ₹25 crores |
|---|---|
| Interest rates | 4% to 9% per annum |
| Rural/Urban | Available for both rural and urban residents |
| Loan tenure | 7 years |
| Margin money subsidy | 25% of the project cost for SC/ST, women, and differently-abled beneficiaries |
PM Vishwakarma Scheme
This scheme was launched on 17th September 2023 by Prime Minister, Narendra Modi, on the occasion of Vishwakarma Jayanti. It provides skill training and financial assistance to traditional artisans and craftsmen across the country. This scheme also provides an interest subvention of 8% on the loan amount. Following are some of its main highlights:
| Loan amount | Up to ₹3 lakh |
|---|---|
| Interest rates | 5% |
| Rural/Urban | Available for both rural and urban residents |
| Loan tenure | 18-30 months |
| Gender | Both male and female |
Credit Linked Capital Subsidy Scheme (CLCSS)
Odisha Government loan scheme initiatives like the Credit Linked Capital Subsidy Scheme were launched in October 2000 by the Government of India. This scheme provides necessary funds to MSMEs for upgrading their existing technologies. MSME loan Odisha applicants can also benefit from this scheme to upgrade their existing plant and machinery and increase profit. This scheme has no upper loan limit, but the subsidy is calculated on the loan amount sanctioned for P&M purchase only. The following are its main features:
| Loan amount | No upper limit |
|---|---|
| Subsidy | 15% of the loan amount |
| Annual guarantee fee | 0.75%-1.0% |
| Loan tenure | Flexible tenure depending upon the repayment capacity |
Pradhan Mantri MUDRA Yojana (PMMY)
The Pradhan Mantri MUDRA Yojana (PMMY) is a flagship central government scheme launched in 2015. It provides micro-loans to non-corporate, non-farm micro and small enterprises in both rural and urban areas.
PMMY offers loans under three categories, depending on the stages of business growth and funding needs:
- Shishu Mudra: Up to Rs. 50,000
- Kishore Mudra: Rs. 50,001 to Rs. 5 lakh
- Tarun Mudra: Rs. 5 lakh to Rs. 10 lakh
MUDRA loans are availed through various financial institutions, including Public sector banks, Private sector banks, Regional Rural Banks, Small Finance Banks, Microfinance Institutions, and Non-Banking Financial Companies (NBFCs).
Unlike other loan schemes, PMMY doesn’t have specific criteria for age, gender, tenure, interest rates, etc. All these factors can vary based on the category of the loan and the policies of the lending institution.
Prime Minister’s Employment Generation Programme (PMEGP)
The Odisha Government loan scheme like PMEGP is a credit-linked subsidy scheme administered by the Ministry of Micro, Small and Medium Enterprises (MSME), which aims at creating job opportunities by establishing micro-enterprises. The main target of this scheme is Women, Traditional and prospective artisans, and Unemployed youth. This Msme loan Odisha scheme helps small business owners to get financial assistance and promote entrepreneurship in the state. The following are some of its main features:
| Age | Minimum age of 18 |
|---|---|
| Interest rate | Between 11% -12% depending on the bank |
| Loan tenure | 3-7 years |
| Education qualification | VIII standard pass |
| Maximum Loan amount | Rs. 1 Crore |
| Subsidy | 15% to 35% |
Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
The Odisha Government loan scheme like the CGTMSE is a joint initiative launched in 2000 by the Ministry of Micro, Small and Medium Enterprises (MSME), the Government of India, and the Small Industries Development Bank of India (SIDBI). It encourages financial institutions to provide collateral-free credit schemes to micro and small enterprises. In Odisha, this scheme plays a significant role under the MSME loan Odisha category by supporting small businesses with easy financing options. In case of any default, the bank can file a claim with CGTMSE. The following are some of its main features:
| Loan amount | Up to 5 crore |
|---|---|
| Collateral | Not required |
| Loan tenure | 5-10 years |
| Annual Guarantee fee | 0.37%-1.35% |
| Age | Minimum age of 18 |
Stand-up India
Stand-up India is a central government scheme launched in 2016. It provides bank loans for entrepreneurship among women and members of Scheduled Castes (SCs) and Scheduled Tribes (STs). Existing businesses cannot avail loans through this scheme, as these are provided for starting new businesses. These loans are provided through various banks, including scheduled commercial banks, regional rural banks (RRBs), and small finance banks.
This scheme provides loan amounts ranging from Rs. 10 lakhs to Rs. 1 crore. The interest rates and tenure vary depending on the nature of the business and other factors such as the nature of the business, credit policies of the lender, etc.
SIDBI Make in India Soft Loan Fund for Micro, Small, and Medium Enterprises (SMILE)
SMILE is a scheme launched by the central government to provide financial assistance to 25 Identified sectors under the ‘Make in India’ initiative. This scheme promotes the ‘Make in India’ initiative among entrepreneurs. SMILE provides adequate funding for the setting up of new enterprises and also for the expansion of existing ones. The following are some of its main features:
| Loan tenure | Maximum 10 years |
|---|---|
| Loan amount | From Rs.10 lakhs to Rs.25 lakhs |
| Interest rates | Depending on enterprises’ requirement |
| Nature of loan | Quasi-equity and term loans |
Startup Odisha Loan Scheme
The options of Odisha Government loan scheme are Startup Odisha loan scheme that specifically helps new entrepreneurs and start-ups in Odisha. This is a part of the bigger vision of the government to foster innovation, generate jobs and improve the startup culture in Odisha. The scheme provides financial support to enable startups to grow their business ideas to scalable enterprises.
Key Features:
- Eligibility: Registered startups of Startup Odisha
- Loan Amount: 20 lakh seed funding
- Interest: Convertible equity or interest-free loan according to business development
- Purpose: Product development, marketing, and scaling financing
- Focus: Promotes innovation and employment in Odisha
- Online application: Startup Odisha portal
MSME Development Policy – Odisha
The portfolio of the Odisha Government loan scheme also incorporates the MSME Development Policy Odisha that encourages the development of small business through financial support and subsidies. This plan is an end to end solution to the businesses who are willing to avail MSME loan Odisha to enhance competitiveness in the manufacturing and service sector through upgrading technology and expanding operations.
Key Features:
- Eligibility: all MSMEs registered under Odisha MSME policies
- Interest Subsidy: 5 percent on term loans
- Capital Subsidy: 25 percent of the cost of project to new enterprises
- Technology Upgradation: Subsidy in the adoption of modern technology
- Marketing Support: Trade fair support and branding support
- Skill Development: Support of the entrepreneurs and employees in training
Kalinga Siksha Sathi Yojana (KSSY) – for Educational Entrepreneurs
Odisha Government loan scheme list also contains Kalinga Siksha Sathi Yojana (KSSY) which is a special scheme of educational entrepreneurs. Although the scheme primarily benefits students, it also provides affordable financial assistance to individuals who want to establish learning institutes or training centers in Odisha. The program is in tandem with the government’s priority on increasing access to quality education and skilling.
Key Features:
- Eligibility: Educational entrepreneurs starting institutions in Odisha
- Loan Amount: Up to ₹10 lakh for setting up educational infrastructure
- Interest Rate: 1% per annum for eligible candidates
- Purpose: For setting up schools, colleges, or training centers
- Target Group: Small entrepreneurs in the education sector
- Application Mode: Available through cooperative and commercial banks in Odisha
Create Your Project Report for Bank Loan With Finline
Odisha Government loan scheme is an excellent support system for small businesses, MSMEs and startups in Odisha. These plans provide financial assistance, subsidies and cheap loans to enhance business growth. These government schemes can help you to start a new business and even to expand an existing business.
You require a clean and professional project report to apply in any Odisha Government loan scheme. Finline will assist you in that. It is just an online platform with which you can easily write your project report within 10 minutes. All the banks accept the reports and the reports can be done in the language that you want.
Go here to make your report and begin your business life now!