The Interest Subsidy Reimbursement Scheme is offered by the Department of Information Technology, Electronics and Communications, Government of Goa, specifically for startups in Goa. Under this scheme, projects demonstrating immense promise and potential can receive a grant to cover part of the interest component of their loan. The scheme provides:
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For up to 3 highly promising projects (as recommended by the Startup Promotion Cell or SPC): a grant covering 30% of the loan interest amount, up to ₹5,00,000 per annum for an initial period of two years.
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For other startups: an interest repayment grant of 10% of the loan interest amount, up to ₹2,00,000 per year for a period of two years. Up to 40 startups each year will be selected under these guidelines.
This subsidy is offered in addition to any other interest subsidy or loan provided under the Chief Minister Rojgar Yojana (CMRY). However, benefits under this scheme are not an entitlement; the SPC retains the right to accept or reject applications based on its evaluation.
Benefits
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Top-Tier Projects:
Up to 30% reimbursement of the interest component of the loan, with a maximum of ₹5,00,000 per annum for the first two years (for up to 3 projects recommended by the SPC). -
Other Startups:
A 10% reimbursement of the interest component of the loan, capped at ₹2,00,000 per year for two years, available to up to 40 startups per year as per SPC guidelines. -
Additional Subsidies:
This benefit is provided in addition to any other interest subsidy or loan under the CMRY.
Note: The benefits are subject to budgetary allocation and are available only for expenditures incurred after the notification of the Goa Startup Policy 2017. Only digitally paid expenditures will be considered, unless the SPC decides otherwise based on due diligence.
Eligibility
To be eligible for the scheme, startups must:
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Be certified by the Startup Promotion Cell (SPC) with a valid startup certificate number.
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Incur eligible interest expenditures on loans (paid digitally, unless otherwise approved by SPC) after the Goa Startup Policy 2017 notification.
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Ensure that the bank accounts of the Directors are linked to Aadhaar.
Application Process
Online Process:
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Visit the Official Website:
Access the Goa Startup Mission website. -
Registration:
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Verify your Email ID and Mobile Number using OTP to be redirected to the Registration Page.
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Complete the registration by filling in all mandatory fields (such as Country, Name, Date of Birth, Address, PIN Code, Gender, etc.), create a Login Name, and set a strong Password (special characters are allowed).
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Read and agree to the Declaration and Terms & Conditions, complete the captcha, and click “Register/Signup.”
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Login and Application Form:
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Log in using your credentials.
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Navigate to the online application form for the Interest Subsidy Reimbursement Scheme.
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Fill in all mandatory details and upload the required documents.
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Submit the application and note the reference number for tracking.
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Alternative Process (Offline Submission):
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Print the proforma application form.
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Fill in all mandatory fields and attach copies of the required documents (self-attested, if required).
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Submit the completed application along with the documents via email to [email protected].
Note: The applicant must apply within 6 months of incurring the relevant expenditure.
Disbursement Timeline
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Application Receipt: Day 0 (D)
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Application Scrutiny: D + 30 days
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Approval by Empowered Committee: D + 60 days
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Issuance of Regret Letter/Sanction Orders and Disbursement: D + 90 days
Documents Required
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Copy of the Aadhaar card of the Director/CEO.
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Copy of the bank loan statement showing payment of interest.
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Copy of the No Default Certificate from the bank.
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The form and documents as specified in Annexure 1.
Note: The bank accounts of the Directors must be linked to Aadhaar.
Frequently Asked Questions
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Can startups use the benefits of this scheme in conjunction with other interest subsidies or loans provided under the Chief Minister Rojgar Yojana (CMRY)?
Yes, the subsidy under this scheme is provided in addition to any interest subsidy or loan provided under CMRY. -
What is the significance of the “No Default Certificate” from the bank?
The No Default Certificate is required to ensure that the startup has a clean credit record with no overdue payments or defaults, which is crucial for verifying loan repayment capability. -
How often can startups avail the benefits of this scheme?
The benefit can be availed once per financial year for eligible interest expenditures incurred within 6 months of the expenditure. -
Is there a specific time frame within which startups must apply for this scheme?
Startups must apply within 6 months of incurring the eligible expenditure. -
Could you explain the criteria for expenditure to be considered for reimbursements under this scheme?
Only expenditures incurred after the notification of the Goa Startup Policy 2017, paid digitally (unless otherwise approved by SPC after due diligence), are eligible for reimbursement. -
What are the eligibility criteria related to the directors’ bank accounts?
The bank accounts of the Directors must be linked to Aadhaar to ensure proper verification and compliance with the scheme’s requirements. -
Are there any conditions or limitations on availing the benefits of this scheme?
Benefits are subject to budgetary allocation and are not an entitlement. The Startup Promotion Cell (SPC) has the sole discretion to accept or reject applications. -
Could you elaborate on the benefits provided under this scheme for startups?
Up to 3 projects with high potential can receive a 30% reimbursement of the loan interest (up to ₹5,00,000 per annum for two years), while up to 40 other startups can receive a 10% reimbursement (up to ₹2,00,000 per year for two years). -
Can startups apply for this scheme if they have not yet received their startup certificate from the SPC?
No, only startups that are certified by the SPC and possess a valid startup certificate number are eligible to apply. -
Can you clarify what expenses qualify for reimbursement under this scheme?
Eligible expenses include the interest component of the loan payments made after the notification of the Goa Startup Policy 2017, provided they are paid digitally unless otherwise approved by the SPC. -
Are there any penalties or consequences for startups found guilty of misrepresentation or fraudulent activity in connection with their application?
Yes, any misrepresentation or fraudulent activity may result in penalties and disqualification from receiving the subsidy, as per the guidelines of the scheme.