Goa Tribal’s Employment Generation Programme Scheme

Details

The scheme “Goa Tribal’s Employment Generation Programme Scheme” by the Department of Tribal Welfare, Government of Goa, is for educated unemployed individuals in the 18-45 years age group who are members of the tribal communities of Goa. The scheme provides a subsidy of 40% on the total loan amount i.e. 95% of the project cost. The loan is provided for activities such as Micro and Small Manufacturing Enterprises, Service Enterprises, and Trade Enterprises. The beneficiary is also provided with compulsory entrepreneurship training of up to 7 days.

Collateral

1. For Loan Amount Upto ₹ 2,00,000: Personal guarantee of the applicant and spouse/parent/relative.
2. For Loan Amount between ₹ 2,00,000 to ₹ 6,00,000: One or more third-party guarantors, depending upon the loan amount. Such a guarantor could be an employee of State Government/ Government Corporations/Aided Institutions/ Companies of repute or a person owning an unencumbered immovable property in Goa, of commensurate value.
3. For Loan Amount Above ₹ 6,00,000: Notarised copy of ownership documents of the unencumbered immovable property owned by the guarantor/s, commensurate to the loan amount to be provided. The guarantor should not be a defaulter with any financial institution/bank.

Recovery

In case of default in repayment of the loan, the amount is to be recovered as arrears of land revenue or under the Public Money Recovery Act, DRT or any other relevant Act and rules thereof.

Service charges for EDC

₹ 50,000/- for ₹ 1,00,00,000 of subvention for disbursement to beneficiaries and 1%, out of the interest @ 2% per annum recovered from the beneficiaries.

Benefits

Type of Activity: Micro & Small Manufacturing Enterprises

Maximum Project Cost (₹ in Lakh): 25

Maximum Working Capital Limit: 35%

Type of Activity: Service Enterprises

Maximum Project Cost (₹ in Lakh): 15

Maximum Working Capital Limit: 80%

Type of Activity: Trade Enterprises

Maximum Project Cost (₹ in Lakh): 15

Maximum Working Capital Limit: 80% (100% in case of agricultural produce)

Subsidy Applicable on Loan Amount: 40%

Promoter’s Contribution: 5%.

Interest Rate: 4% per annum

Penal Interest: NIL

Repayment Schedule: Repayable in 60 to 120 EMIs (As per discretion of GTEGP-TFC).

Moratorium Period: 3 to 6 months (At the discretion of GTEGP-TFC).

Security: The first charge of mortgage/hypothecation of fixed assets (building, furniture, machinery, etc.) and/or current assets (trading goods, raw material, etc.)

Training

Compulsory entrepreneurship training of up to 7 days within six months from the date of sanction.

Eligibility

1. The applicant should be Unemployed.
2. The age of the applicant should be between 18 and 45 years.
3. The applicant should have passed Class 4th (relaxable for deserving cases).
4. The applicant should be a Member of the Tribal Community notified by the Government of Goa.
5. The applicant should not be a defaulter to any bank, financial institution, etc.
6. The applicant should have been a permanent resident of Goa for at least 15 years.
7. The eligible activities are Micro and small manufacturing enterprises, Service enterprises, and Trade Enterprises.
8. The non-eligible activities are Farming activities, tobacco products and red-category industries.

Exclusions

Individuals who are defaulters to any bank, financial institution, etc are not eligible for this scheme.