'Sarothi' – Start-up Assam: MoU signed with AGVB

By our Staff Reporter
GUWAHATI, March 21: A Memorandum of Understanding (MoU) of a new scheme called Chief Minister’s Start-up fund ‘Sarothi’ was signed between the Department of Industries and Commerce and Assam Gramin Vikas Bank (AGVB) at Udyog Bhawan, Bamunimaidam, Guwahati today. The MoU was signed by Manjula Saikia Bhuyan, Additiol Director, Industries and Commerce and NN Baishya, General Mager, AGVB.
The basic objective of the scheme is to provide fincial assistance in the form of loan with interest subvention through Assam Gramin Vikas Bank covering whole of Assam. The loan so availed by the beneficiaries will be supported by the State Government through interest subvention @ 5% per annum. All innovative start-up industrial activities and new individual applicants shall be eligible to get the benefit under the scheme. Priority will be given to the applicant having any kind of skill development training. 
This initiative has been undertaken to remove the hurdle of equity or fund crunch for the interested entrepreneurs. The scheme shall be operatiol from the fincial year 2016-17 and shall be valid for a period of five years. All general magers have been instructed to invite applications from eligible beneficiaries and to convene a district-level committee along with AGVB for selection of those beneficiaries.