12-08-21 Daily-Kerala-KPSC Current Affairs

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Kerala Affairs

KeralaFinancial Corporation (KFC) has announced a comprehensive funding scheme forstartupsworth nearly Rs 10 crore. The scheme titled KFC Startup Kerala will support startups in all stages of their growth from proof of concept to prototype development, product trials, market entry, commercialization and scaling up. There will be a venture debt scheme and provision to finance purchase orders received by startups.

Startups registered with Kerala Startup Mission or department of Industrial Policy and promotion, and having a registered office in Kerala, will be eligible for this scheme. Viable projects with a scalable business model and high potential for EMPLOYMENT generation or wealth creation will be considered under the scheme.

The assistance will be Rs 25 lakh for productization, Rs 50 lakh for commercialization and Rs 100 lakh for scaling up. This will be subject to 90% of the project cost in each stage. Loans will be provided at a concessional interest rate of 7% without collateral. The repayment period will be 60 months, including the moratorium period of 12 months.

The loans will be sanctioned as a soft loan with option to convert it into capital on condition that KFC share shall not exceed 30%.
Once startups get a firm purchase order, they are eligible to get loans up to Rs 10 crore for executing orders. The entities, after due diligence by a Sebi registered Venture Capital fund, can also get a venture debt of Rs 10 crore.

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