Startup Policy 2022
A new policy scheme has been started by the Bihar government. The name of this scheme is Bihar Start-up Policy Scheme 2022. Under this scheme, the Bihar government will provide financial assistance to the young entrepreneurs of Bihar.
MSME sector is developing at a fast pace in Bihar. The target of making the state a startup capital is in the priority list, for this the target has been set to strengthen traditional industries like:- handloom, handicraft, khadi, village industries.
This scheme has been started by the Government of Bihar to encourage startups in Bihar.
Overview of Bihar Startup Policy
Scheme name - Bihar Startup Policy
Year - 2022
Initiated - Industry Minister Syed Shahnawaz
Beneficiary - State's Young Entrepreneurs
Target - To encourage the youth of the state for startup
Profit - Seed fund of Rs. 10 lakh
Benefits and Features of Bihar Startup Policy
- Bihar Startup Policy 2022 has been started by Bihar Industries Minister Syed Shahnawaz Hussain, through which young and aspiring entrepreneurs of the state are encouraged for startups.
- Under this policy, financial assistance is provided to the young entrepreneurs of the state in the form of loans for startups.
- Under this policy launched by the state government, loans up to Rs 10 lakh are provided to the beneficiary entrepreneurs for 10 years.
- The loan amount provided to the beneficiary entrepreneurs is made available in the form of seed fund, that is, no interest rate will be applicable on the loan.
- Along with this, under this policy of the Government of Bihar, assistance is also provided to the beneficiary entrepreneurs in training and marketing if required.
- Three lakh rupees will also be provided by the startups for product development and training if they participate in any kind of acceleration program.
- Under the Bihar Startup Yojana started by the state government, if a startup is successful in raising funds from an angel investor and even after that, they require additional funds, then they will receive an additional 2 rupees from the state government as success fee. % can be obtained.
- Under this policy, provision of additional 5% on loan will be provided to women entrepreneurs of the state as an incentive as compared to male entrepreneurs.
- Each startup led by women entrepreneurs will be provided 5% additional fund i.e. Rs 10 lakh 50 thousand as seed fund and Rs 3 lakh 15 thousand for participating in the accelerator program.
- Under the Bihar Startup Policy, an additional 15% provision will be provided to the SC and ST startup founders of the state.
- An amount of Rs. 11 lakh 5 thousand will be provided by the state government to SC and ST startup founders as seed fund and Rs 3 lakh 45 thousand in case of participation in accelerator programmes.
- Apart from this, the Startup Portal has also been launched by the State Industries Ministry, through which the candidate entrepreneurs can get all the necessary information related to this startup policy as well as apply.
- Along with this, co-working space will also be provided to the startups by the state government with the aim of increasing the participation of startups in the state's economy.
- The Central Government has also encouraged startups in the country through programs like Startup India Seed Fund, Startup India Initiative and Startup Leadership Program etc.
Eligibility Criteria
To get the benefits under any government program or schemes, it is necessary for the candidates to fulfill certain eligibility criteria related to it.
- To apply under Bihar Startup Policy, candidates must be a permanent resident of Bihar state.
- Such interested young entrepreneurs of the state who want to apply under this policy, their age should be minimum 18 years.
- Required Documents
- Aadhar card
- identity card
- permanent residence certificate
- caste certificate
- bank account passbook
- passport size photo
- mobile number
- E mail ID
