the goan I network
PANAJI
EDC in its 359th board meeting has decided to create a corpus fund of Rs 5 crore for incubatees at the EDC Incubation Centre.
Chairman of EDC, Sidharth Kuncalienkar informed that this fund has been created to infuse equity to the extent of 3-10 percent in Goan start-ups in return for an equivalent quantum of their shares.
The start-ups, which are mostly in the IT space find it very difficult to raise funds in their initial stage. In this context, EDC’s announcement to create a seed fund will come as a boost to the young tech start-ups.
In the board meeting, EDC also implemented ‘GST Entrepreneurs Scheme’ under which loans with subsidy are given to professionals to procure computer, printer, software and office space so that they are equipped to help other businesses in filing GST returns.
Under this scheme, Kuncalienkar informed that 23 youths will benefit.
EDC also implemented ‘Goa Tribal Employment Generation Programme’ under which financial assistance is given to the tribal community so that they become self-employed.
Under this initiative, any person of age group 18 to 45 years with minimum qualification of Std IV can avail of 40% subsidy for a maximum loan of Rs 25 lakhs at an interest of 2%.
It is reported that EDC will work on 72 proposals from tribal youth for self
employment.
