West Bengal is known for its diverse industries and the government offers various loan schemes to support the growth of MSMEs in the state. These loan schemes aim to provide financial assistance to entrepreneurs, promote innovation, create employment opportunities, and enhance the competitiveness of the MSME sector. In this blog, we will discuss some of the loan schemes available for MSMEs in West Bengal.
West Bengal State Financial Corporation (WBSFC) Term Loan Scheme
The West Bengal State Financial Corporation (WBSFC) Term Loan Scheme offers financial assistance to entrepreneurs in the MSME sector. The loan can be used to purchase land, buildings, machinery, equipment, and working capital. The scheme is available for both new and existing enterprises in the manufacturing and service sectors aimed at the expansion of the state’s economic outlook and ambit. The following are its main features:
| Purpose | For Financing Working Capital |
|---|---|
| Loan limit | Need-based Working Capital Term Loan requirement less margin of 25%. |
| Repayment period | 3 Years |
| Age group | 18 and above |
| Additional security | Liquid collateral securities around 25% of the Working Capital Term Loan. |
West Bengal Minorities Development and Finance Corporation (WBMDFC) Loan Scheme
The West Bengal Minorities Development and Finance Corporation (WBMDFC) Loan Scheme aims to provide financial assistance to entrepreneurs belonging to minority communities in the state. The loan can be used to purchase land, buildings, machinery, equipment, and working capital. The scheme is available only for existing enterprises. The following are its main features:
| Rate of interest | Interest @ 6% per annum |
|---|---|
| Loan limit | Maximum up to Rs. 5 lakh |
| Age group | 18 to 50 years |
| Repayment period | 3-5 years |
| Security | Collateral required loans above 50,000 |
West Bengal Backward Classes Finance and Development Corporation (WBCFDC) Loan Scheme
The West Bengal Backward Classes Finance and Development Corporation (WBCFDC) Loan Scheme aims to provide financial assistance to entrepreneurs belonging to backward classes in the state. This loan scheme is provided under NBCFDC. The loan can be used to purchase land, buildings, machinery, equipment, and working capital. The scheme is available for both new and existing enterprises in the manufacturing and service sectors. The following are its main features:
| Eligibility | Members of Backward Classes |
|---|---|
| Loan limit | Rs. 15.00 Lakh |
| Repayment period | 8 years |
| Rate of interest | Interest from 6% – 8% per annum |
| Age group | 18 to 60 years |
West Bengal State Handloom Weavers’ Cooperative Society Ltd. (TANTUJA) Credit Assistance Scheme
The West Bengal State Handloom Weavers’ Cooperative Society Ltd. (TANTUJA) Credit Assistance Scheme provides credit assistance to handloom weavers in the state. TANTUJA is one central marketing organization (Apex Society) rendering marketing support to Primary Weavers Cooperative Societies and handloom artisans working outside cooperatives through their marketing outlets. The scheme is available for both new and existing handloom weavers. The following are its main features:
| Gender | Both |
|---|---|
| Qualification | Not Relevant |
| Age Group | 18 and above |
| Social Category | Handloom Weavers |
West Bengal Scheme for Small Road Transport Operators (SRTO)
This loan is available to the service sector in West Bengal. This scheme aims to provide financial assistance for acquiring new passenger commercial vehicles and for meeting initial taxes insurance etc. The subsidy is given to both new and existing MSME units. The following are its main features:
| Gender | Both |
|---|---|
| Age Group | 18 and above |
| Loan limit | 75% of P.C. (Max.) |
| Sector | Service sector only |
West Bengal Composite Loan Scheme:
This scheme aims to provide financial incentives to the tiny sectors in West Bengal. Loan available for acquiring fixed assets and working
capital. The interest rate depends upon your business and sector. The following are some of its features:
| Loan limit | Rs 1.50 lakh (Max) |
|---|---|
| Age Group | 18 and above |
| Repayment period | 10 years |
| Gender | Both |
Swami Vivekananda Swanirbhar Karmasansthan Prakalpa (SVSKP)
The basic objective of the scheme is to provide increased access to credit for the development of rural/urban enterprises by supporting unemployed young individuals and groups of individuals. More stress has been placed on training, especially on trades where the locally available abundant raw materials, wasted due to ignorance, could be utilized for producing finer articles and on traditional crafts where there is sufficient potential. The following are some of its features:
| Age Group | 18-45 years |
|---|---|
| Social Category | Economically Weaker Sections |
| Income ceiling | Rs.15,000/month for the family |
| Employment status | Unemployed |
You can learn more about all the loans mentioned above by clicking this link: msy.uk.gov.in
About Finline!
Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also, all public and private sector banks working in India accept our project report. Click to create your report.