1. Home
  2. News

NEEDS Scheme: Avail Subsidy to Start Your Business! Check Eligibility & Direct Link to Apply Inside

The Tamil Nadu government's New Entrepreneur Cum Enterprise Development Scheme (NEEDS) aims to support first-generation entrepreneurs through subsidies and interest subventions.

Eashani Chettri
Eligible individuals must have a minimum education qualification and age requirement
Eligible individuals must have a minimum education qualification and age requirement

The state government in Tamil Nadu has been implementing the New Entrepreneur Cum Enterprise Development Scheme (NEEDS) since 2012-13. It has the objective to support, guide, and encourage the initiatives of educated, first-generation entrepreneurs through the District Industries Centre (DIC).

In line with this, the District Collector S. Karmegam of the Salem district has invited applications from people belonging to SC/ST communities. This comes under the NEEDS scheme to avail subsidies and interest subventions. The subsidy-linked credit has been arranged for manufacturing and service projects with costs that go above Rs. 10 Lakh and below Rs. 500 lakhs. The subsidy offered is 25% of the project cost.

While the maximum cap on subsidies is at Rs 75 Lakh, beneficiaries from the SC, ST community and disabled section will receive 10% more in subsidies. The interest subvention period is of 3% and will be extended through the repayment period.

The eligibility holds at minimum Plus II pass, ITI, Diploma, degree, or vocational training. The minimum age is 21 and the maximum is 35 years for general categories and 45 years for special categories, including women and reservations.

10% of the project cost will be dealt with as the promoter’s contribution for the general category and the same will be 5% for the special category. Along with that partnerships with eligible individuals will also be assisted under the scheme.

The service sector under the scheme has thus far witnessed only a few mobile units’ admission. These include earthmovers, concrete mixture vehicles, rig-boring trucks, and refrigerated trucks. The government is now accepting projects for hiring all kinds of commercial vehicles to extend maximum assistance to marginalized sections.

Therefore, the eligible SC/ST candidates of the Salem district can avail of the assistance of a 35% subsidy and 3% interest subvention as per the NEEDS scheme. This is utilized for projects that include hiring commercial vehicles like autorickshaws, taxis, tourist vehicles, ambulances, buses, trucks, minibuses and trailers.

More information can be gathered at: District Industries Centre, Five Roads, Salem, or call 0427-2448505 or 2447878.

Interested candidates can fill out the application form to apply.

Take this quiz on World Meteorological Day to check your knowledge about meteorology! Take a quiz
Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters