STARTUP INDIA STAND UP INDIA By Smriti Sethi
Stand Up India Loan Scheme The rate of interest would be lowest applicable rate of the bank for that category (rating category) not to exceed (base rate (MCLR) + 3%+ tenor premium) Besides primary security, the loan may be secured by collateral security or guarantee of Credit Guarantee Fund Scheme for Stand-Up India Loans (CGFSIL) as decided by the banks The loan is repayable in 7 years with a maximum moratorium period of 18 months.
Stand Up India Loan Scheme The scheme, which covers all branches of Scheduled Commercial Banks, will be accessed in three potential ways: Directly at the branch Through SIDBI's Stand-Up India portal (www.standupmitra.in) Through the Lead District Manager ((LDM).
Stand-Up India Ecosystem Rural Self-Employment Trg. Institutes (RSETIs) 11 Vocational Training Centers MSME Development Institutions Bank Branch 1 Connect Centers SIDBI Bank Branch 2 State SC/ST Devp. & Financial Corporations Industry Associations District Industries Centers Dalit Indian Chamber of Commerce &Industry Lead District Manager Bank Branch 3 Skilling Centers connect CentersWomen Entrepreneurial Associations NABARD Bank Branch 4
Start Up India Loan Scheme V Launched: 16th January 2016 y Main Objective: Promotion of Entrepreneurship among youth. V Tax relief for three consecutive years out of a block of seven year for startups. Start-up Fund of Rs. 10.000 Crore to be released ver two Finance Commission cycles, that is by 2025 Startups are allowed to issue ESOPs (employee stock option plan) to promoters working as employees.
Startup Definition (As defined by DIPP) Startup means an entity, incorporated or registered in India: Not prior to seven years, however for Biotechnology Startups not prior to ten years, With annual turnover not exceeding INR 25 crore in any preceding financial year, and Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation . Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence. Provided also that an entity shall cease to be a Startup if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 7 years and for biotechnology startups 10 years from the date of incorporation/ registration. Provided further that a Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose
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