Scheme Sponsor: Kerala Start-up Mission
Mode of Assistance: Financial assistance
Target Group: Women-led start-up companies
About the Scheme
Kerala Startup Mission (KSUM) provides financial assistance to women-led companies
through a soft loan program. The loan amount is capped at Rs.15 Lakhs and is intended to be
used as working capital for the execution of projects and assignments obtained from
government departments and public sector undertakings in Kerala. The loan amount is
restricted to 80% of the purchase order, and the disbursement is provided as an advance
against the milestone payment that has been agreed upon by the client. The soft loan will
accrue a simple interest rate of 6% and must be fully returned within 1 year or upon
completion of the project, whichever occurs first. The loan must be repaid within 1 year or
upon completion of the project, whichever occurs first, and the full amount must be settled.
The Startup is responsible for delivering the product or service mentioned in the purchase
order. The release of the second payment will be contingent upon the acceptable completion
of a milestone, as verified by the client. The loan owing will not exceed Rs. 15 lakhs.
Assistance pattern
The applications received under the Scheme would undergo individual processing using an
expedited approach, as per the committee’s suggestion. The committee consists of the
following members:
- Manager (Finance) at Kerala Start-up Mission
- AGM (Finance) / CFO at KFC/KSIDC/IT parks
- Secretary & Registrar at Kerala Start-up Mission. Eligibility
- The approval of the Startup by DPIIT and possession of the Unique ID granted by the Kerala Startup Mission are necessary.
- The female co-founder should possess majority stake in the firm.
- The establishment ought to be officially registered in the state of Kerala.
- The client must be a governmental department or a public sector undertaking.
More information: https://startupmission.kerala.gov.in/schemes