The Coir Udyami Yojana is a credit linked subsidy scheme in the coir sector. The pattern of financial assistance under the scheme is 40% of the project cost as Government of India subsidy, 55% as loan from Bank and 5% beneficiary contribution. The Scheme covers any type of coir project with project cost upto Rs.10 lakhs plus working capital, which shall not exceed 25% of the project cost. However the working capital shall not be considered for subsidy. The loan under the Scheme is without collateral/third party guarantee. It is open to individuals, companies, Self Help Groups, Non-Governmental Organizations, Institutions registered under Societies Registration Act 1860, Production Co-operative Societies, Joint Liability Groups and Charitable Trust.
The Coir Udyami Yojana does not provide skill up-gradation. But the entrepreneurs under CUY can participate in exhibitions etc. by forming Marketing Consortia for which an amount of Rs.10 Crores is earmarked in the Scheme. The Board is providing Skill Development Training and organizing seminars etc. under the Scheme Skill Development and Mahila Coir Yojana.
Objectives
The main objectives of the scheme are
- To modernize Coir Industry by adoption of modern technology in production and processing of coir and coir products;
- Up-gradation of the production and processing technology for improving the productivity, quality and product diversification;
- To increase the efficiency and productivity for enhancing the earnings of the workers engaged in the sector;
- To enhance the utilization of coconut husk and for increasing the production of coir fibre and coir products;
- To generate employment in the rural areas of the coco nut producing States /Union Territories.
- To provide more employment opportunities for women in the rural sector for gender empowerment;
- To enhance the socio-economic conditions of the producers/workers engaged in the industry;
- To con tribute to inclusive growth of vulnerable sections of beneficiaries especially those belonging to Scheduled Castes (SC), Scheduled Tribes (ST) and North Eastern Region (NER);
- To give sufficient training to the rural youth of the coconut producing States with an eye on attracting them to the fold of coir sector.
- To provide backward/forward linkages to the unit holders to whom assistance is given under the Scheme.
Benefits
- The pattern of assistance under the scheme is 40 % of the project cost as Government of India subsidy, 55 % loan from bank and 5 % as beneficiary contribution.
- Financial Assistance in the form of subsidy and term loan would be provided to Individual for the up gradation and development of its coir unit.
Eligibility
- Any individual above 18 years of age with Indian Citizenship.
- There will be no income ceiling for assistance for setting up of project under Coir Udyami Yojana
- Assistance under the Scheme is only available for projects for the production of coir fibre /yarn/products etc. coming under coir sector.
- Assistance under the Scheme will be made available to individuals, Companies, Self Help Groups, Non-Governmental Organizations, Institutions registered under Societies Registration Act 1860, Production Co – operative Societies, Joint Liability Groups and Charitable Trust. However the units that have already availed Govt. subsidy under any other Scheme of Govt. of India or State Govt. for the same purpose are not eligible to claim subsidy under the scheme.
Documents Required
The documents required are
- Photograph in JPEG format.
- Copy of PAN Card
- MSME Registration Certificate
- Community Certificate
- Company Registration Certificate (If not individual)
How to apply
One can submit an online application by visiting the official website of the scheme, managed by the Coir Board under the Ministry of Micro, Medium and Small Enterprises. On the website, by clicking on the apply button, one would be redirected to the portal where one can submit a fresh application.
FundsTiger can arrange loans from all above mentioned banks.You can apply for an attractive offer with best possible rate of interest and terms for Personal Loan, Business Loan , Home Loan and Car Refinance Loan.
SIDBI – Sustainable Finance Scheme (SFS)