West Bengal govt to provide subsidies to small businesses upto 10% of Project cost

Kolkata, Mar 25 (KNN) The West Bengal government will provide subsidies to set up small businesses which is up to 10 per cent of the project cost with a maximum cap of Rs 25,000 and will also provide a guarantee of up to 15 per cent. 

On Friday the Banks in the state approved the state government’s Bhavishyat Credit Card scheme.

Under this scheme youth between 18 and 45 years will be provided loans up to Rs 5 lakh to set up small businesses.

The government had allocated Rs 350 crore in the state budget for the scheme.

“Today banks have unanimously decided to adopt the scheme. The SOP (standard operating procedure) is already done and the portal is ready,” Amit Mitra, principal chief adviser to Bengal chief minister Mamata Banerjee, said on Friday following the State Level Banker Committee meeting.

Mitra said while the state is expected to provide a 15 per cent guarantee in instances of default, SIDBI is expected to provide an 85 per cent guarantee under the Credit Gurantee Trust for SMEs.

“The risk is completely guaranteed. So, there is a comfort level for banks,” added Mitra. 

He added the scheme is expected to be brought under the next Duare Sarkar camp starting April 1, 2023.  (KNN Bureau)