Apply for the SVAYEM Scheme: Loans and Subsidies for Youth Entrepreneurship in AssamScheme StatusScheme Status

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Originally initiated by the Department of Industries & Commerce, Assam, the Swami Vivekananda Assam Youth Empowerment (SVAYEM) Scheme is now implemented by the State Finance Department of Assam with support from various nodal agencies. Rejuvenated in 2020, this scheme aims to create employment opportunities and boost entrepreneurial ventures among the youth of Assam, in both rural and urban areas, to address the evolving socio-economic needs of the state.

Objectives

  • Employment Generation:
    To generate employment opportunities by supporting the establishment of new ventures and the expansion of existing ones.

  • Entrepreneurship and Income Enhancement:
    To provide financial assistance to micro and small business entities in manufacturing, trading, services, and traditional artisan sectors.

  • Traditional Artisans’ Support:
    To enhance the income and promote sustainable growth among traditional artisans, ensuring their integration into the modern economic framework.

Areas of Implementation

  • Geographical Coverage:
    All districts of Assam, including areas under autonomous district councils.

  • Sectors:
    The scheme supports diverse sectors including:

    • Manufacturing and processing
    • Service and trading sectors
    • Rural transport services (e.g., auto rickshaw, e-rickshaw)
    • Tourism, shops, repair centers, handicrafts, and cottage industries

Institutional Arrangements

  • Nodal Agency:
    The Industries and Commerce Department acts as the nodal department.

  • Field Implementation:
    District Industries and Commerce Centres (DICC) are responsible for on-ground implementation.

  • Lending Agencies:
    Public sector, private sector banks, and Regional Rural Banks will partner via formal MOUs for executing the scheme.

Financial Assistance & Subsidy Structure

  • Loan Assistance:

    • For New Entrepreneurs:
      Financial assistance of up to ₹1,00,000.
    • For Existing Entrepreneurs:
      Financial assistance of up to ₹2,00,000.

  • Beneficiary Contribution:
    Maximum of 25% of the total project cost.

  • Government Subsidy:

    • New Entrepreneurs:
      Subsidy of 20% of the sanctioned loan amount, capped at ₹20,000.
    • Existing Entrepreneurs:
      Subsidy of 20% of the sanctioned loan amount, capped at ₹40,000.

    Example: For a project costing ₹1,00,000, the beneficiary contributes ₹25,000; the bank provides ₹55,000 as a loan, and the government subsidy is ₹20,000.

  • Seed Money for Individual Beneficiaries:
    An individual can receive seed money of ₹50,000. In group settings, for example, a group of 5 members gets ₹2.5 lakh in total; a group of 10 members gets ₹5 lakh, up to a maximum group size of 20 members.

  • Total Budget:
    The overall scheme has a budget of ₹1000 crore, entirely provided from government funding.

Eligibility

  • Residency & Age:
    Residents of Assam aged 18 years and above.
  • Income:
    There is no income ceiling.
  • Skill and Experience:
    Applicants should have the requisite skills, experience, or knowledge to undertake income-generating activities.
  • Educational Qualification:
    A minimum of Class VII education is required.
  • Preference:
    Applicants who have completed Skill Development Training are given preference.
  • Loan History:
    The beneficiary must not be a defaulter on any previous loans.
  • Exclusions:
    Applicants who have benefited from the PMEGP scheme in the last five years are not eligible.

Application Process

Online Process

  1. Registration & Submission:

    • Visit the official website of the Swami Vivekananda Assam Youth Empowerment Scheme.
    • New applicants must register by entering their mobile number and group name details, authenticate via OTP, and create their user profile.

  2. Application Completion:

    • Log in and complete the online application form, providing required details such as personal and group information, project proposals, and financial details.
    • Upload supporting documents as specified.

  3. Review Process:

    • Project proposals are invited at the district level via advertisement.
    • The General Manager of the DICC scrutinizes applications, which are then forwarded to the District Level Committee (DLC) for approval.
    • The DLC’s recommendations are submitted to the bank, which evaluates the projects both technically and economically. The bank then sanctions the loan within 30 days.

  4. Disbursement:

    • After the beneficiary contributes the required margin money and upon receipt of the subsidy claim, the loan is released (typically within 5 working days post-sanction).
    • The bank then submits the Margin Money Subsidy proposal to a nodal bank as per the executed MOU with the Finance Department.

  5. Status Tracking:

    • Beneficiaries can track their application status online via the scheme’s MIS portal.

Documents Required

  • SVAYEM Scheme 2023 Application Form.
  • Proprietary Identity Document.
  • Business Registration Certificate (Copy).
  • Business License (Copy).
  • National Food Security Card (if applicable).
  • Residence Proof.
  • Skill Development Training Certificate (if applicable).
  • Experience Certificate (if applicable).
  • Proof of Age.
  • Proof of Merit.
  • Identity Proof: (e.g., Voter ID, Driving License, PAN Card, Aadhaar, Passport).
  • Plan Report for Proposed Project.

Frequently Asked Questions

  • What is the SVAYEM scheme?
    It is the Swami Vivekananda Assam Youth Empowerment Scheme, aimed at promoting entrepreneurship and employment opportunities among the youth of Assam.

  • Who is eligible?
    All residents of Assam aged 18 years and above who have the skills and experience to undertake income-generating activities. There is no income ceiling.

  • Which groups are eligible?
    Beneficiaries include members of self-help groups, joint liability groups, and other organized groups for entrepreneurial projects.

  • What financial assistance is provided?
    Loans up to ₹1,00,000 for new entrepreneurs and up to ₹2,00,000 for existing entrepreneurs, with government subsidies (20% capped at ₹20,000 for new entrepreneurs and ₹40,000 for existing entrepreneurs) and seed money of ₹50,000 per individual.

  • How do I apply?
    Applications are submitted online through the official SVAYEM portal after registering and completing the application form.

  • What is seed money?
    Seed money refers to the initial grant provided to individual beneficiaries (₹50,000 per person) to kick-start their entrepreneurial ventures.

  • What documents are required?
    Required documents include identity proof, business registration documents, educational certificates, experience certificates, plan report, and financial details.

  • Where can I find the guidelines?
    Detailed guidelines, the application form, and contact details for regional and district offices are available on the official website.

Sources and References

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