Tamil Nadu Government Industry Investment Corporation (TIIC) provides loan assistance from ₹10 lakh to ₹1 crore for starting a new business called a startup from Tamil Nadu.
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| Business loan, startup companies |
The loan is provided under the NEEDS Scheme
(New Entrepreneur cum Enterprise Development Scheme).
The NEEDS Scheme is a subsidy-linked term loan scheme for educated youth who want to start their own businesses. The scheme is open to entrepreneurs who have completed a degree, diploma, or ITI/vocational training from a recognized institution.
Under the NEEDS Scheme, TIIC can provide a loan of up to ₹1 crore for the following purposes:
Purchase of land and building
Purchase of plant and machinery
Working capital
The loan is available at a concessional interest rate of 9% per annum. The repayment period for the loan is up to 7 years, including a moratorium of up to 2 years.
To be eligible for a loan under the NEEDS Scheme, the entrepreneur must meet the following criteria:
Be a resident of Tamil Nadu
Be between the ages of 21 and 45 years
Be an educated youth with a degree, diploma, or ITI/vocational training from a recognized institution
Have a viable business plan
To apply for a loan under the NEEDS Scheme, the entrepreneur must submit a completed application form along with the required supporting documents to the nearest TIIC branch.
Up to Rs 10 lakh each for start-up companies. A loan of up to Rs 1 crore is provided for commercial activity. Many people do not know about these loan schemes. Due to this, not a single person has come forward to take a loan.
Therefore, with regard to both projects, TIG is engaged in the work of creating awareness among entrepreneurs and encouraging new business start-ups.
Regarding this, Deputy General Manager of TIG, Ramesh Kouyil, said, 'TIG has branches in all districts; If the authorities are contacted, he will take action to grant the loan.
For more information about the NEEDS Scheme and to apply for a loan, please visit the TIIC website at https://www.tiic.org/.