When starting or expanding your small business in India, it’s important to have the right resources at your disposal. With the right small business grants, you can help fuel your growth and expansion.
Today, I will be introducing you to five small business grants you can apply for in India.
1: The Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is a government-run scheme that provides financial assistance to small businesses in India. The scheme was launched in January 2016 and offers a range of benefits, including interest subsidies and credit guarantees. The PMKVY is designed to help businesses grow and create jobs, and has been hailed as a key tool for boosting the country’s economy.
This government grant is designed to help businesses in the agricultural, rural, micro, small, and medium sectors.
2: The Prime Minister’s Skill Development Programme (PM-SDP)
The Skill Development Programme (PM-SDP) is a government-funded program that aims to create opportunities and promote entrepreneurship among India’s small businesses. The program provides funding and technical assistance to small businesses in order to help them grow and compete in the global marketplace. Through the PM-SDP, businesses can access resources such as training programs, business loans, and mentorship programs. In addition, the program offers support for grassroots initiatives that aim to improve economic development in local communities. The PM-SDP is a valuable resource for small businesses in India and provides them with the training and support they need to compete on a global scale.
This program offers training and mentorship to small businesses in areas such as marketing, finance, and human resources.
3: The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) is a program of the Indian government that guarantees 100 days of employment to every rural household in India. The program was first introduced in 1990 and has since helped over 60 million people receive employment. MGNREGS is funded through a combination of central and state government funds.
MGNREGS provides an important source of income for rural households and has been shown to improve nutrition, education, health, and living standards among participating households. The program has also been shown to help reduce poverty and inequality in India. MGNREGS is one of the most successful social programs in India and is widely considered to be a cornerstone of the Indian economy.
This government grant is designed to provide employment in rural areas.
4: The Start-Up India Programme
The Start-Up India Programme was launched in January 2016 by the Indian Prime Minister, Narendra Modi. The programme is designed to help businesses start up and grow, and provides funding in the form of grants and loans. Grants range from $10,000 to $1 million, with a repayment period of three to five years. Loans range from $5,000 to $10 million, with a repayment period of seven to ten years. The programme offers support in areas such as market analysis, planning and development, finance and marketing.
This government grant is designed to provide assistance to small businesses in the form of loans.
3: The Department of Industrial Policy and Promotion
The Department of Industrial Policy and Promotion (DIPP) was established in 1988, and is responsible for developing and implementing policies related to industrial development. The department provides grants and loans to businesses in order to support the growth of the Indian economy. The department currently offers grants in the areas of manufacturing, mining, energy, infrastructure, and information technology.
This government grant is designed to provide support for new businesses.
2: The Rashtriya Swayamsevak Sangh (RSS)
The Rashtriya Swayamsevak Sangh (RSS) is a right-wing Hindu nationalist organization that has played an important role in Indian politics since its establishment in 1925. The RSS operates several social welfare organizations, including the Prabhat Panchayat (Council of Elders), which provides grants for rural development projects. The RSS also operates the Ashram Shramik Vidyapeeth (ASV), which provides schooling and vocational training programs for poor children.
MGNREGS is a national program that provides employment opportunities in rural areas throughout India. MGNREGS funds are distributed through state governments, who then distribute the funds to local villages or gram panchayats. MGNREgs currently offers grants in the areas of agriculture, rural electrification, drinking water supply and sanitation, health care, animal husbandry and fisheries conservation projects.
This program provides financial assistance and mentorship to new and small businesses.
5: The Small Industries Development Bank of India (SIDBI)
Small Industries Development Bank of India (SIDBI) is a national level development financial institution that provides loans, equity and other financial assistance to small and medium enterprises (SMEs). The bank also provides advisory services to entrepreneurs.
The bank has a concessional loan portfolio of Rs 2,000 crore and an equity portfolio of Rs 1,000 crore. It has disbursed loans amounting to Rs 5,811 crore since its inception in 1978. The bank has provided credit support to a wide range of sectors such as agriculture, textiles, leather goods, precision engineering goods and food processing.
Small businesses in India often face a number of challenges when starting up, such as lack of funding and difficulty accessing markets.
SIDBI can provide a range of financial assistance to help small businesses overcome these challenges, including loans, equity investments and credit mentoring.
The bank also has a wide range of sector-specific programmes that can help small businesses in specific industries access financing and sales opportunities.
This bank offers a variety of loans and financial assistance to small businesses.
These are just a few of the small business grants you can apply for in India to help fuel your growth and expansion.