1. Entrepreneur cannot apply for both the PRIME Kickstart Grant and the PRIME Scaleup Innovation Loan at the same time
2. Only one member from a family is eligible for the scheme.
3. Individual applicants must be above 18 years of age and below 60 years of age
4. Only permanent residents of Meghalaya can avail the funding options.
5. In the case of a partnership, the majority share (51% or more) must be held by residents of Meghalaya.
6. Government employees are not eligible to apply for funding
7. The applicant for PRIME Scaleup Innovation Loan must have an existing business in Meghalaya and be able to demonstrate initial traction or revenues.
8. Existing Businesses will have to provide proof of income in the form of audited balance sheets or bank statements if they are availing the PRIME Scaleup Innovation Loan for amounts greater than ₹ 20,00,000.00 (Rupees Twenty Lakhs) *
9. Entrepreneurs who have received the PRIME Kickstart Grant will no longer be eligible for applying of the same in future
10. Entrepreneurs who have previously availed either funding options and are applying for the PRIME Scaleup Innovation Loan will be subjected to an interest rate as per the decision of the committee*
11. Departmental stores, Kirana Stores, General Stores or similar type of reselling businesses are not eligible for applying of either funding options
12. Moratorium Period will be decided by the committee for PRIME Scaleup Innovation Loan
13. Utilization period for the PRIME Kickstart Grant and the PRIME Scaleup Innovation Loan will be a maximum of 18 months
14. Utilization Certificates need to be provided with bills in original, failing which legal action may be taken
15. Diversion of funds from the specified project without explanation will result in an immediate interest rate of 15% being charged on the funds (PRIME Kickstart Grant and the PRIME Scaleup Innovation Loan) that the entrepreneur has applied for.
16. Negative List of Sectors not eligible for funding: Refer to Negative list under MIIPP 2024
17. ALL APPLICATIONS ARE SUBJECTED TO COMMITTEE APPROVAL

*subject to committee approval