The document discusses various government funding schemes available for small-scale enterprises in India. It outlines schemes run by the National Small Industries Corporation and National Bank for Agriculture and Rural Development that provide machinery, raw materials, loans, and other assistance to small businesses. The Market Development Assistance Scheme also helps small- and medium-sized enterprises exhibit their products at international trade fairs by partially reimbursing registration and participation fees. The conclusion states the purpose was to gather information about the different funding options for small businesses.
The document discusses various government funding schemes available for small-scale enterprises in India. It outlines schemes run by the National Small Industries Corporation and National Bank for Agriculture and Rural Development that provide machinery, raw materials, loans, and other assistance to small businesses. The Market Development Assistance Scheme also helps small- and medium-sized enterprises exhibit their products at international trade fairs by partially reimbursing registration and participation fees. The conclusion states the purpose was to gather information about the different funding options for small businesses.
The document discusses various government funding schemes available for small-scale enterprises in India. It outlines schemes run by the National Small Industries Corporation and National Bank for Agriculture and Rural Development that provide machinery, raw materials, loans, and other assistance to small businesses. The Market Development Assistance Scheme also helps small- and medium-sized enterprises exhibit their products at international trade fairs by partially reimbursing registration and participation fees. The conclusion states the purpose was to gather information about the different funding options for small businesses.
The document discusses various government funding schemes available for small-scale enterprises in India. It outlines schemes run by the National Small Industries Corporation and National Bank for Agriculture and Rural Development that provide machinery, raw materials, loans, and other assistance to small businesses. The Market Development Assistance Scheme also helps small- and medium-sized enterprises exhibit their products at international trade fairs by partially reimbursing registration and participation fees. The conclusion states the purpose was to gather information about the different funding options for small businesses.
Title: Visit a bank/financial institution to enquire about various funding schemes for small- scaleenterprise.
Apparatus: Computer system with Microsoft MS - Word
Theory: The past few years have seen a surge in the number of start-ups cropping up all over the country. Numerous ideas have taken shape into successful businesses. The economy has seen a healthy rise in investments in these small-scale businesses that have provided livelihood to millions of Indians. Any new venture needs a capital. Not everyone has the backing of venture capitalists ready to pour in millions of rupees. Non-availability of timely and adequate funds can dampen the spirit of entrepreneurship. In addition, arranging for collateral or security can be tough for a few. There are also other factors like stringent government policies, legal framework, regulatory gaps, unreliable information, etc.; that could delay the process of procuring the initial capital. Hence, the Indian Government has introduced a number of financial aids to help small scale entrepreneurs to achieve their business goals. These schemes and loan products are designed to make sure that they reach the remotest of areas all over the country. There are schemes that can be availed with very minimal or nil collateral. Loans procured under these government schemes are a good choice due to its lower interest rates. In India, both the State and Central Governments have a number of loan schemes specified for small business owners to meet their requirements. Many public sector banks too have various offers to assist small scale businesses. These schemes help entrepreneurs to obtain financial assistance to fulfill their business needs.
National Small Industries Corporation Limited (NSIC)
Established in 1999, the NSIC works with the objective of providing machineries to small scale industries. NSIC works towards importing, supply and distribution of raw materials and machines to small scale industries. It also facilitates the export of indigenous products and thus helping small production units. NSIC also promotes latest technological advancements pertaining to the MSME sector.
National Bank for Agriculture and Rural Development (NABARD)
NABARD was established in 1982 with the sole objective of development of Agriculture based rural businesses in India. It offers financial assistance to various small scale industries of rural India viz; cottage industry, dairy farming, and other village industries
NABARD lays emphasis on continuous social innovations in the rural areas. Apart from providing funds, NABARD helps rural businesses to establish a framework that works well for them. It works in tandem with the State and Central Governments and the RBI in establishing a well-oiled mechanism for the general upliftment of the rural MSME sector.
Market Development Assistance Scheme for MSMEs
Another premise for our Indian MSMEs, that could take them to International community, but left unexplored due to lack of funds, is the International Trade Fairs and Exhibitions. For this purpose, the government set up the Market Development Assistance Scheme for MSMEs. This scheme aims at funding MSMEs in showcasing their products and services at the MSME India Stall in major International Trade Fairs and Exhibitions. This scheme offers partial reimbursement of the One-time registration fees or annual fees or similar fees paid by the MSMEs to participate in the trade fairs.
There are a number of resources available for budding entrepreneurs to realize their dream of owning a business. These government schemes are aimed at empowering every individual to build their business with minimal hassle. Because, it is an established fact that MSMEs are the backbone of any economy and their growth and development should be the core agenda of the government.
Conclusion: Collected information about various funding schemes for small-scale enterprise.
