Every SME aspires to take their business to the greatest heights for which they require direction and adequate funds. Here is a scheme that provides both training and funding. An SME could join any of the 200+ institutions enlisted under this scheme for the same.
The Support for Entrepreneurial and Managerial Development of SMEs Scheme provides early stage funding for nurturing innovative business ideas (new indigenous technology, processes, products, and procedures).
How does an SME benefit from this scheme?
- Each SME is given financial assistance up to ₹25 lakh per idea/ unit on an average
This results in:
- Development of knowledge-based innovative ventures
- Improved competitiveness
- Enhanced survival instincts
- Construction of necessary laboratory/workshop facilities
What is the eligibility criteria for this scheme?
- Any Micro, Small, and Medium enterprise is eligible to apply for the scheme in Public, Private or Partnership mode
How can an SME apply for this scheme?
- The list of institutes an SME could approach for applying is here
Which documents are required to apply for this scheme?
- Name of host institution or organisation (with address details)
- Details of mentor or guide for the proposed business incubator (details of academic qualification, publications, area of specialization, and experience in guiding the business incubators).
- Number of units or ideas proposed under BI.
- Specific areas of operation for the innovative product.
- Cost profile of units under BI (detailed item wise cost break up)
- Cost proposed to be borne by incubates under PPP mode (unit wise details required)
- Facilities proposed to be provided by the host institution
- Technical details of proposed BI (Detailed project profile of the new idea, existing technology, outlines of proposed new idea to be further developed, relevance of the idea for the SME, and the level of commercial adaptability.
- Expected private participation up to 15% for micro enterprises and up to 25% for small enterprises
- Initial disbursement of up to 30% of the expenditure with balance being disbursed on realisation of the initial expenditure