There are many people who apply loans for this purpose. But sometimes, loan application takes so much of time as lots of formalities need to be done before the loan gets approved. If you are either starting your business or expanding your existing industrial units by implementing new machines and equipment in the industry, then you can avail the financial help from Government also. The government may help your business by offering the cost of production of services or goods and this amount of money pffered by the government is also referred to as a Govt subsidy schemes.
Some of the top Government Subsidies that every small Business searches for:
1. Credit Guarantee Fund Scheme for small and micro enterprises-
To execute this scheme, this trust has been established by the MSME and SIDBI( Small Industries Development Bank of India)
2. Scheme for Technology Upgradation/ Modernization for Food Processing Industries/Establishment-
The assistance provided under this scheme in the form of subject to 25% of the machinery and plant and utmost Rs. 50 lakh for technical civil work in general areas, whereas approx 33.3% up to Rs. 75 lakh in difficult areas.
3. Technology Up-gradation Fund Scheme for Textile Sector-
It offers a wide range of benefits such as 15% credit capital subsidy for SSI sector, 5% reimbursement interest of the interest that is charged by lending agency, or 20% credit capital subsidy for power loom sector, etc.
4. Subsidy Scheme for the Leather Industry-Integrated Development of Leather Sector-
Under this scheme, only those new units can apply for approval that have submitted all required business registration documents and if factory building is prepared for installation of machinery & plant.
5. Market development Assistance Scheme for Small, Medium, and Micro Enterprises-
With the help of this scheme, enterprises get reimbursement of 75% of only single time registration fees, and 75% of the total fees per year.
Originally Published at: www.zephirmail.com