The application process is through a single window on this website for all different funding options. We are keeping the application window open for a specific period (e.g. 2 months) before we close the window to process all the applications we have received.
After the evaluations and disbursals are complete, we will reopen the window (e.g. after another 2 months) and restart the process. It is advised to follow PRIME Meghalaya on Social Media and subscribe to the PRIME Newsletter on our website to get updates once a new application window opens.
The following is a guide on how to fill in the application form on our website. The individual fields or sections are being explained.
The application form is split in two parts. The first part is a more general description of the project while the second part is a well described project plan with financials. The first part will be filled directly on the website, for the second part a Excel file template has to be downloaded and filled. After filling it can be uploaded again to the website.
Part 1 – Website Application Form #
|Field Name||Description of How to Fill|
|Select Funding||Here please select the funding option that you want to apply for. You can only apply for one funding option at any point in time.|
|Project Title||Write one sentence reflecting the main proposition of this DPR e.g. “Expansion of Jackfruit Processing Unit”|
|PRIME ID||Form will be auto filled by the system with your PRIME ID.|
|Total Investment Amount:||Here please state the total funding amount you want to apply for. Please make sure it is within the range outlined for the funding option you have selected.|
|Project Duration||Enter the duration of your project in months from the time of the disbursal of the loan until the last purchase/investment you make with the money from the loan. The project duration should in any case not exceed 2 years.|
|Organisation Name||Enter the name of your organisation/business/startup.|
|Legal Form||Select the type of business you are having from the dropdown menu. If your type of company is not listed please select “Others”. If you did not register any type of company as of now please select “Unregistered”.|
|Entrepreneur Name||This field will be auto filled by the system with your name.|
|Address of Organisation||Please enter the full address of the organisation.|
|Block.||Select your block from the dropdown.|
|District||Select your district from the dropdown.|
|Mobile||This field will be auto filled by the system.|
|This field will be auto filled by the system.|
|Description of Organisation Activities||Briefly describe line of business, products, services offered and mode of operation. Elaborate on customer need and demand for the products/services.
Elaborate on current market situation and list competition. Explain marketing strategy and future plans, vision.
|Elaborate Description of intended project:||Outline the intended project and the clear need, objectives behind this activity. Explain the current situation of your business and compare before/after.
Elaborate on expected outcomes and improvements on own organisation and society/community (e.g. solving supply chain constraints, innovation, better quality products, job creation, processing capacity increase).
Describe main risks of investment and how to mitigate them.
Elaborate on technical background of project and project viability.
|Cost Sharing / Co-Financing||Elaborate whether any cost sharing or co-financing with other funds is intended e.g. from other government schemes or banks.
If any cost-sharing / co-financing mentions the amount required or receiving from individual parties.
|Assisted By||Describe if any assistance/consulting/external input has been taken to e.g. create the detailed cost estimate or other parts of this application.|
Part 2 – Excel File with Detailed Project Report (DPR) #
Please download this Excel file and use it as a template. The filled form to be uploaded in the application form. New lines might be added by the applicant as per the requirements.
|Field Name||Description of How to Fill|
|Business Details||Those fields are self explanatory and are repetitions of many of the fields filled in part 1.|
|Detailed Cost Estimate||In section we want to understand what are the individual points where the entrepreneur wants to spend money on. It is important that this sector is as detailed as possible, it is the most important part of the DPR.
It is important to understand the difference between Deliverable and Activity/Input. A deliverable is a high-level component of the project e.g. “Production Unit”. Under Activity/Input everything is listed that contributes to setting up this production unit e.g. “Salary Laborers, Electricity Connection, Water Connection, Foundation, Roofing”. Another example of a deliverable would be “Machinery” with Activity/Input being the individual machines properly described (manufacturer, model number, description of usage).
Working Capital for e.g. purchasing of raw materials might be mentioned as a separate deliverable.
Under Units please designate the unit e.g. kg, pieces, units, liters.
Under Remarks you might give additional information that do not fit in the other fields.
|Project Schedule||In this section we want to understand the timeline for the implementation of the project.
Take the deliverables you have described in the Detailed Cost Estimate and give a timeline with a Starting date and an End date for the completion of the individual deliverable. In the case of e.g. Warehouse of Deliverable you may give 01/2021 as the starting date for construction of the warehouse and 04/2021 at the end respectively completion date of the warehouse construction.
You may give additional descriptions in the remarks section.
|Existing Investments in Business||If you have a new business, leave this section empty and just write “new business” in one of the fields.
In this section, the entrepreneur may list any previous investments in the business for example, previous machinery purchased. Plese describe the investments as detailed as possible.
|Track Record||If you have a new business, leave this section empty and just write “new business” in one of the fields.
Here the entrepreneur shall fill the revenues/turnover of the last financial years.
In case a company is only in establishment for less years, this might be indicated in one of the cells.
|Income Statements||If you have a new business, only fill the forecast fields.
Here we want to get detailed insights into the finances of the entrepreneur with a detailed overview on the revenues and expenses of the last financial year as well as the outlook for the next three financial years.
The figures for the next three financial years including the current ongoing financial year are estimates to be done by the entrepreneur based on calculations and plans for the upcoming years.
The types of expenses are fairly standard and can be found in every income statement. A few will be explained as follows:
Cost of Goods Sold: These are all costs combined for inputs that go directly into your product e.g. wood, glue and screws if you make furniture or flour and yeast if you make bread.
Depreciation: Assets like machines and expensive equipment like computers you purchase, lose in value every year due to wear and tear. This is treated as an expense to the business. Machinery has e.g. a depreciation of 15% per year. The exact rate can be found on the website of income tax department (https://www.incometaxindia.gov.in/Charts%20%20Tables/Depreciation%20rates.htm)
Other Expenses: Every business has unplanned or other expenses that can be listed in this section.
Income Tax: The income tax rate in India for businesses is 30%. If the entrepreneur has a registered company, the entrepreneur needs to pay income tax on the profit which is calculated by deducting all expenses from the income. From this gross profit the income tax can be estimated.
It is to be noted that the application form is just the first step in the evaluation process. We or any of our collaboration partners might ask for additional or more detailed documents or proof. This might happen at any point in time during the review and evaluation process.