Uttarakhand, the land of Gods, is a state in northern India that offers many opportunities for MSMEs to flourish. The state government has launched several loan schemes for MSMEs to provide them with financial assistance and support their growth. In this blog, we will discuss some of the MSME loan schemes in Uttarakhand.
Mukhya Mantri Swarozgar Yojana Uttarakhand
The Mukhya Mantri Swarozgar Yojana (MMSY) is a state government scheme that aims to provide financial assistance to unemployed youth and help them start their businesses. This scheme focuses on people who came back to Uttarakhand due to COVID-19 and are currently unemployed. Another main objective of this scheme is to stop migration from hilly and rural areas in search of jobs. The following are some of its features:
| Loan amount | Rs. 10 lakh (maximum) |
|---|---|
| Age | Minimum 18 years |
| Qualification | No specific qualification |
| Selection of beneficiaries | First Come First Serve |
Mukhyamantri Saur Swarojgar Yojna
The main objective of the scheme is to provide self-employment opportunities to such small and marginal farmers and unemployed residents of the state to encourage them to develop sources of income by setting up solar power plants on land that is not suitable for agriculture and selling the electricity produced to UPCL. Under this scheme, only solar power plants of 20/25/50/100/200 kilowatt capacity will be allowed. The following are some of its features:
| Age | Minimum 18 years |
|---|---|
| Residential status | Permanent |
| Interest Rate | 8% |
| Qualification | No specific qualification |
| Application fee | Rs.2,000 to Rs.5,000 |
Deendayal Upadhyay Home Stay Loan Scheme Uttarakhand
Uttarakhand government introduced this scheme to provide an unprecedented experience to the domestic and foreign tourists visiting Uttarakhand as well as for the prosperity of the local people. This is one of the best MSME loan scheme that is perfectly tailored for the people of Uttarakhand. Through this scheme, the government will provide loans for setting up homestays/renovating the house. The main aim is to stop the continuous migration in the state as well as to provide employment. The following are some of its features:
| Eligibility | A minimum of one and a maximum of six rooms have been arranged for the guests who are native/permanent residents of Uttarakhand and reside in a building with their family, whose building is outside the limits of the Municipal Corporation. |
|---|---|
| Residential status | Native/Permanent |
| Loan subsidy in Plain areas | 25% of the project cost or Rs 7.50 lakh (whichever is less) |
| Loan subsidy in Hilly areas | 50% of the project cost or Rs 15.00 lakh (whichever is less) |
Veer Chandra Singh Garhwali Tourism Self-Employment Scheme Uttarakhand
Uttarakhand is a state with a lot of potential in tourism. As the name of the scheme suggests the main objective of this scheme is to promote tourism in Uttarakhand. This scheme provides loans to young entrepreneurs who are interested in starting a business related to tourism. The following are some of its features:
| Residential status | Native/Permanent |
|---|---|
| Non-vehicular items | 33 percent maximum grant of Rs. 33.00 lahks is approved by the Tourism Department in hilly areas and a 25 percent maximum of Rs. 25.00 lakhs in plain areas as a grant for non-vehicular items |
| Vehicle items | 25 percent maximum of Rs 10.00 lakh in hilly and plain areas |
| Eligibility | Should not be a defaulter of any bank |
Uttarakhand Chief Minister Self Employment Scheme Very Micro (Nano)
All entrepreneurs who require very minimal funds to kickstart their business can avail this scheme under Mudra Loan Scheme (Shishu) in Micro Micro (Nano) Enterprises under Mukhyamantri Swarozgar Yojana with minimum formality. The following are some of its features:
| Age | 18-65 years |
|---|---|
| Qualification | No specific qualification |
| Residential status | Native/Permanent |
| Loan amount | Maximum Rs.50,000 |
In conclusion, Uttarakhand offers several loan schemes to support the growth of MSMEs in the state. These schemes cover a wide range of industries and sectors and cater to the diverse needs of entrepreneurs and businesses. With the support of these schemes, entrepreneurs and MSMEs can access affordable credit and other financial assistance to help them overcome their business challenges and achieve their growth objectives.
You can learn more about all the loans mentioned above by clicking this link: msy.uk.gov.in
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