New Entrepreneur-cum-enterprise Development Scheme

Yes, subject to the condition that the eligibility criterion as prescribed in the NEEDS G.O. is fulfilled by each and every individual of those entered into the partnership deed, partnership concerns may be considered for assistance under this scheme.

The applicant must be of age between 21 -35 in general and for special (Women/BC/ MBC/ SC/ST/Ex-servicemen/Transgenders/Differently abled), age relaxation upto 45 years

No, the applicant should be a resident of Tamil Nadu State for not less than 3 years.

Yes, in such a case, for example, a resident of Kanyakumari District can start an enterprise in Chennai District and vice versa.

No, there is no family income ceiling prescribed for assistance in setting up projects under this scheme.

Project cost is the sum of Capital Expenditure and Margin Money for working capital.

Capital Expenditure will generally include investment in Land, Buildings, Plants, and Machinery only.

Yes, the cost of the land may be included in the Project cost at guideline value or market value, prevailing as on the date of filing of the loan application, whichever is lower.

Yes, the Cost of construction of buildings such as Offices, Work-Shed / Workshop, Laboratories, etc., may be included in the project cost subject to the condition that the cost of the building shall not exceed 25% of the total project cost.

No, the cost of leased/ rental building shall not be included in the Project cost.

25% of the eligible components of the project cost subject to the maximum amount of [?]75 Lakhs.

No, EDP training will be provided to only one of the partners who should be authorized by other partners in such cases.

The owner's contribution depends on the majority of partners involved in the project. For instance, in a unit of two partners involved, one belongs to the General category and the other one from Special Category, and then the contribution will be applicable to the General category. For instance, if a unit has three partners one belongs to the General category and the other two from Special Category, then the contribution will be as applicable for the Special category.

Not possible. He / She should complete EDP training, and deposit his/her own proportionate contribution of the project cost in his account. Bank has to release the Term Loan subsequent claim(s) have to be sent to GM, DIC/RJD, Chennai along with the disbursement advice.

Collateral security will be decided as per Bank / Tamil Nadu Industrial Investment Corporation Limited (TlIC) guidelines. Subject to the applicability, loans may also be covered under the Credit Guarantee Fund Trust Scheme for Micro and Small Enterprises (CGT-MSE) of the Government of India.

Enterprises financed by TIIC/Banks will be charged at the rate of interest applicable to Micro & Small enterprises as per banking norms.

Yes, it is mandatory.

Yes, he/she can avail of the exemption from regular 1 month mandatory EDP training.

All Commercial banks including Regional Rural Banks (RRB), Small Industries Development Bank of India (SIDBI), Tamil Nadu Industrial Investment Corporation Limited (TIIC Ltd) and Tamil Nadu Industrial Co-operative Bank (TAICO)

No, it is not possible.

No, only a new unit being promoted by a new First Generation Entrepreneur is eligible for assistance.

No, only one project could be submitted.

No, only new machinery will be considered eligible. However, second-hand machinery, directly imported by the entrepreneur would also be considered eligible for assistance.