Banglashree for Micro, Small and Medium Enterprises: Interest Subsidy on Term Loan (IS)

About This Scheme

The scheme “Interest Subsidy on Term Loan (IS)” is a sub-scheme under the “Banglashree for Micro, Small and Medium Enterprises” scheme. It was launched on 1st April 2020 by the Department of Micro, Small and Medium Enterprises and Textiles, Government of West Bengal, and shall remain in force till 31st March 2025. > Objectives of the "Banglashree for MSME” Scheme: The objective of the scheme is to extend fiscal incentives to encourage entrepreneurs to set up Micro, Small and Medium Enterprises with a view to focusing on the balanced development of MSMEs across the State and creating a sustainable ecosystem in the MSME sector which can maximize the utilization of resource, generate new employment and widen the area of operation to make the State emerge as the MSME leader in the country. > Objectives of the Interest Subsidy on Term Loan Scheme: Through this incentive, an eligible micro, small or medium enterprise will be entitled to Interest Subsidy on annual interest liability on the Term Loan borrowed from a Commercial Bank/ Cooperative Bank/ Scheduled Banks approved by RBI/ RRBs/ Financial Institution (Central and State) for implementation of the approved project.

Eligibility

- The business/organization should be a Micro/ Small/ Medium Enterprise. - The business/organization should belong to the manufacturing sector. - The business/organization should have started production on or after 1st April 2019. - The business/organization should be in the private sector/ cooperative sector/ joint sector undertaking or should be a company/ undertaking owned and managed by the State Government or the Industrial SHGs. - The Date of Commencement of Commercial Production (DOCCP) should be between 1st April 2020 to 31st March 2025.

Benefits

Pattern Of Assistance: An eligible micro, small or medium enterprise will be entitled to Interest Subsidy on annual interest liability for 5 years on the Term Loan borrowed from a Commercial Bank/ Cooperative Bank/ Scheduled Banks approved by RBI/ RRBs/ Financial Institution (Central and State) for implementation of the approved project as follows:- > Micro & Small Enterprise: - Zone A & B - 55% ; Zone C, D & E– 70%. > *Medium Enterprise:* - Zone – B, C, D & E: - 25% subject to a ceiling of ₹1,75,00,000/- per year.

How to Apply

Where This Comes From

This scheme was sourced from myScheme, the Government of India's official Central+State scheme discovery portal, and reviewed by an editor before publishing. Use the button above to read the full details and apply directly on the official source.