the goan I network
PANAJI
The Economic Development Corporation Limited (EDC) is offering term loans to Goan entrepreneurs who want to set up businesses in the state at up to 9% rebate, which means that loans could be at an interest rate as low as 1.5%, EDC Chairman Sidharth Kuncalienkar confirmed speaking to ‘The Goan’ on Wednesday.
Though the EDC’s scheme has been in place for some time now, the Corporation has come out more strongly to promote it, in order to motivate Goans to start their own businesses and get self-employed.
“The main prerogative of the EDC is to help finance businesses and industries, as well as to create new entrepreneurs,” explained Kuncalienkar, while adding that the EDC term loan interest rates were very competitive, and the EDC’s processing time has been reduced drastically.
Kuncalienkar explained that if a Goan entrepreneur wanted to set up an industry/business in Goa, then that entrepreneur gets 2% less on the 10.5% basic interest rate. Subsequent to that, if that Goan entrepreneur is a lady, then she gets 4% rebate on the basic. A further 5% rebate will be given if that Goan lady sets up a business/industry in the talukas defined as remote by the Government of Goa, then she gets a 9% rebate. This works out to a mere 1.5% interest rate, if the entrepreneur fulfills all the 3 conditions above.
Stating that the EDC would like more and more people to come forward and stand on their own feet, Kuncalienkar felt strongly that the term loans would create more value for the Goan economy and help people become entrepreneurs.
In order to avail of the rebates, the applicants needed a certificate showing that they were Goan.
The term loans will be given for a period of 7 years starting from the date of disbursement.
