Scheme for assistance for Start Ups/ Innovation: Interest Subsidy

DETAILS The "Scheme for Assistance for Start Ups/ Innovation" is an umbrella scheme launched by the Industries and Mines Department, Gujarat under the Gujarat Industrial Policy. Effective from August 7th, 2020 to August 6th, 2025, it aims to drive economic growth by generating jobs, fostering competition, and introducing next-gen solutions. The component "Interest Subsidy" provides financial support to startups with innovative ideas across various sectors. Startups approved under this scheme are eligible for an additional interest subsidy of 1%, up to a maximum of 9%, on term loans for MSME assistance. BENEFITS Financial Support: Interest subsidy of 1%, maximum up to 9% on term loans under the provisions of scheme for assistance to MSMEs. ELIGIBILITY Any individual or group of individuals with an innovative idea or concept, recommended by an approved Nodal Institution, is eligible. The scheme is open to startups in any sector or branch of science, technology, engineering, agriculture, healthcare, etc., making it sector-agnostic. Note: Startups availing benefits under the Student Startup and Innovation Policy (SSIP) are also eligible. Exclusions Entities formed by splitting or restructuring an existing business are not considered startups under this scheme. Startups availing benefits under other startup schemes of the Government of Gujarat are ineligible.