Under the PRIME Entrepreneurship Funds we have various different funding options and vehicles available for the entrepreneurs of Meghalaya. If you are an entrepreneur, this article can help you understand if you are eligible for any of the funding options.

If you already have an existing business there are three funding options available for you.

1) PRIME Entrepreneurship Fund – Kickstart Grant

Businesses or Startups that work on an innovative and unique product or service are eligible to apply for this grant. This grant is only to be used for activities that will help early stage businesses or startups to go to market or to convert an existing prototype to a market ready product or service. It is to be utilized only for product development, research & development and aligned activities.

The Kickstart Grant can be applied for up to an amount of Rs. 5 Lakhs and would be disbursed as a non-returnable grant.

2) PRIME Entrepreneurship Fund – Innovation Scaleup Loan

Businesses or Startups that work on an innovative and unique product or service are eligible to apply for this grant. This grant is to be specifically earmarked for existing businesses that want to scale up and extend their operations with e.g. building a new warehouse, purchasing new machinery. The fund can be used for capital investment as well as a small portion also for working capital purposes. This loan is only available for entrepreneurs who work full time on their business.

The Innovation Scaleup Loan can be applied for up to an amount of Rs. 25 Lakhs and would be disbursed as a Interest-Free, Collateral-Free Loan with a standard term of 5 years and a standard moratorium of 6 months.

3) North-East Small Finance Bank (NESFB) I – Zero-Interest Loans for Food Processing

Entrepreneurs that have an existing business in the food processing sector, and want to scale up or extend their operations can apply for this loan. This loan can be used for e.g. purchasing new machinery or building a new production unit. The loan is handled and disbursed through our partner North East Small Finance Bank (NESFB).

The Zero-Interest Loan for Food Processing Entrepreneurs can be applied for up to an amount of Rs. 25 Lakhs and would be disbursed as a Interest-Free, Collateral-Free Loan with a repayment term of up to 4 years and a moratorium of up to 6 months.

For all above funding options, any company or unregistered proprietor can apply. However, preference is given to registered companies (e.g. Pvt. Ltd., OPC, LLP) and organisations (e.g. Societies, Trusts, Section-8).  All funds are only available for entrepreneurs and businesses that reside within the state of Meghalaya.

If you are an aspiring entrepreneur and want to start a new business we currently have one funding option available for you.

A) North-East Small Finance Bank (NESFB) II – Zero-Interest Loans for Food Processing

Aspiring entrepreneurs that want to start a new food processing business can apply for this loan. It can be used for all expenses related to setting up a new food processing unit. The loan is handled and disbursed through our partner North East Small Finance Bank (NESFB).

The Zero-Interest Loan for Food Processing Entrepreneurs can be applied for up to an amount of Rs. 5 Lakhs and would be disbursed as a Interest-Free, Collateral-Free Loan with a repayment term of up to 4 years and a moratorium of up to 6 months.

Below is an overview of the currently available funding options.

If you need any further clarification you can always get in touch with our team which you can reach via the hotlines listed on the bottom of our website.