Organisation : Government of Jammu and Kashmir (Mission Youth)
Scheme Name : Spurring Entrepreneurship Initiative
Applicable For : Young Entrepreneurs
Applicable State/UT : Jammu and Kashmir
Website : https://missionyouth.jk.gov.in/Schemes
What is Spurring Entrepreneurship Initiative?
Spurring Entrepreneurship Initiative is a scheme under the Mission Youth to provide financial assistance to youth of the Union Territory of Jammu & Kashmir for establishing their business units with a special focus on high-growth entrepreneurship.
Related / Similar Facility : Mumkin Livelihood Generation Scheme Jammu and Kashmir
Objectives of Spurring Entrepreneurship Initiative
** This scheme is based on the theme Youth Enterprise with Innovation (YouWiN)/ Champion for Innovation program for encouraging young entrepreneurs’ especially young women towards innovations in various enterprises.
** Encourage innovation and job creation through creation of new businesses and expansion of existing businesses.
** The scheme seeks to foster high-growth entrepreneurship through business plan competitions.
Benefits of Spurring Entrepreneurship Initiative
** Financial Assistance provided under this scheme shall be provided by J&K Bank as a start-up loan.
** Assistance under the scheme shall be a minimum ₹2 Lakhs and a maximum of up to ₹20 Lakhs including the interest capitalized during the implementation period shall be provided as assistance.
** There will be no margin money requirement to be paid by the applicant.
** Selected applicants shall only have to repay the principal amount provided to them as assistance by Mission Youth.
** Interest component subject to a maximum of ₹2 Lakh and subject to the condition that the applicant doesn’t make any default in repayment of the principal amount shall be paid by Mission Youth.
** The amount of assistance provided by Mission Youth (MY) has to be compulsorily utilized for the establishment of a Startup only.
** The bank shall extend the loan facility as per their normal assessment procedure.
Eligibility of Spurring Entrepreneurship Initiative
** The scheme is eligible for all those youths whose age is between 18 to 40 years.
** The applicant must have qualified/passed the XIIth standard or above.
** Financial assistance shall be provided to youth proposing the creation of a new or expansion of an existing business venture within J&K.
** Assistance shall be provided to meet the requirements of assets such as plant and machinery and working capital.
** For candidates seeking assistance for new start-up units, the concerned youth shall be unemployed and registered with the concerned District Employment and Counseling Center.
** For candidates seeking assistance for the expansion of existing business, he/she should have an established business for at least 2 years.
** Non-individual enterprises wherein at least 51% of the shareholding and controlling stake is held by one entrepreneur subject to the requirement that the entrepreneurs meet the criteria at i and ii of this rule.
** One person can seek assistance under this scheme only once.
** 25 percent of the cases to be sanctioned under this scheme in a particular financial year shall be reserved for women.
** This sub-component of the scheme shall be implemented in collaboration/convergence with JKTPO, SRLM, or any other government organization concerned with women’s development as may be decided by CEO Mission Youth from time to time.
** Sanction of cases under this component shall also be governed by provisions of this scheme.
How To Apply For Spurring Entrepreneurship Initiative?
** The applicant may visit the official website to apply for the scheme.
Apply Here : https://jkgss.jk.gov.in/gssjk/citizen/initApp/27
** The applicant may enter his Aadhar details and mobile number, click “send OTP” for verifying the user details.
** After verification, online application form is required to be filled by the applicant.
** Upload the documents and submit the application form.
Documents Required For Spurring Entrepreneurship Initiative
** Applicant Photograph Passport Size (PNG).
** Aadhaar Card PDF (Both Sides).
** Domicile Certificate (PDF).
** Matriculation Certificate (PDF).
** Unemployment Certificate (PDF).
** Proposed Project Proposal (PDF).