Scheme for assistance for Start Ups/ Innovation: Interest Subsidy
At a Glance
Scheme Category
Business & Entrepreneurship,Setting up / start-up / entrepreneurship
Target Beneficiaries
Business Entity,Industries
Brief Description
The "Scheme for Assistance for Start Ups/ Innovation" under the Gujarat Industrial Policy, aims to drive economic growth by generating jobs, fostering competition, and introducing next-gen solutions.
Benefit Type
Cash
Eligibility Criteria
- Any individual or group of individuals with an innovative idea or concept, recommended by an approved Nodal Institution, is eligible. - The scheme is open to startups in any sector or branch of science, technology, engineering, agriculture, healthcare, etc., making it sector-agnostic. > Note: Startups availing benefits under the Student Startup and Innovation Policy (SSIP) are also eligible.
Application Mode
Online
Application Process
> Registration Process: Step 1: Visit the <nis:link nis:type=webUrl nis:id=slugId nis:text="online portal" nis:value=https://startup.gujarat.gov.in/home nis:enabled=true/> and click on the "Register" button, located at the top right corner. Step 2: Enter Email ID and click on Next button. Verify the details and click on "Submit" to get registered on portal. Step 3: Upon login, fill in the details on Common Application Form. Click on "Sign Up". > Application Process: Step 1: Visit the <nis:link nis:type=webUrl nis:id=slugId nis:text="online portal and c" nis:value=https://startup.gujarat.gov.in/home nis:enabled=true/>lick on Login button. Enter Registered Email ID and Password and click on the "Sign In" button Step 2: In "Dashboard" section fill in all the required details. Step 3: Click on Apply Now Icon located at Dashboard of User. Step 4: From the list Select the Scheme and Fill the Application details. > Contact Us: Startup Gujarat Cell Office of Industries Commissionerate Block No: 1, 3rd Floor, Udhyog Bhavan, Sector: 11, Gandhinagar - 382010 Gujarat, INDIA. 079-23252588 / 1800-233-0616 icstup@gujarat.gov.in
Required Documents
- Registration proof as a startup/innovator.
- Detailed project proposal, including innovative idea/concept.
- Recommendation letter from the approved Nodal Institution.
- Financial details of the term loan availed.
- Declaration of non-eligibility under other state startup schemes (if applicable).
- Other documents as specified by the Nodal Institution.
FAQs
What is the objective of the "Scheme for Assistance for Start Ups/ Innovation"?
The "Scheme for Assistance for Start Ups/ Innovation" is an umbrella scheme launched by the Industries and Mines Department, Gujarat under the Gujarat Industrial Policy. Effective from August 7th, 2020 to August 6th, 2025, aims to drive economic growth by generating jobs, fostering competition, and introducing next-gen solutions.
What is the objective of the "Interest Subsidy" component?
The component "Interest Subsidy" provides financial support to startups with innovative ideas across various sectors. Startups approved under this scheme are eligible for an additional interest subsidy of 1%, up to a maximum of 9%, on term loans for MSME assistance.
What is the maximum interest subsidy available under the scheme?
The maximum interest subsidy available under the scheme is 9% on term loans.
Who is eligible to apply for the scheme?
Any individual or group of individuals with an innovative idea or concept that is recommended by an approved Nodal Institution is eligible to apply for the scheme.
Are startups in all sectors eligible for the scheme?
Yes, the scheme is sector-agnostic and supports innovative projects across all sectors, including science, technology, agriculture, engineering, and healthcare.
Can startups availing benefits under the Student Startup and Innovation Policy (SSIP) apply for this scheme?
Yes, startups benefiting under SSIP are also eligible to avail assistance under this scheme.
Can startups formed by splitting or reconstructing an existing business apply?
No, startups formed by splitting or reconstructing an existing business are not eligible for the scheme.
Are startups already availing incentives under other Gujarat startup schemes eligible?
No, startups availing incentives under other Gujarat Government startup schemes, except SSIP, are not eligible for this scheme.
What is the role of the Nodal Institution in this scheme?
The Nodal Institution evaluates, validates, and recommends startup project proposals to the Office of the Industries Commissioner for approval.
Are there any restrictions on the type of innovation supported by the scheme?
No, the scheme supports all kinds of innovation, regardless of the sector, making it inclusive and sector-agnostic.