Interest Subsidy Scheme for Smaller Business Units

Interest Subsidy Scheme for Smaller Business Units is a state-level scheme run by the Department of Information Technology, Electronics and Communication (DITE&C), Government of Goa. It gives financial support to information technology units working in Goa by cutting the interest cost on their working capital loans.

The scheme is part of Goa IT Policy and stays open for both new and existing IT units. Eligible units can get an interest subsidy of up to ₹5,00,000 per annum for a maximum of 3 years, subject to the budget available.

Interest Subsidy Scheme for Smaller Business Units

Interest Subsidy Scheme for Smaller Business Units was launched in 2018 as part of the Information Technology Policy of the Government of Goa. Its main aim is to support information technology units in the state by giving interest subsidy on working capital loans. The scheme encourages business growth so that smaller enterprises can grow well within Goa expanding tech ecosystem.

Both new and existing IT units that operate in Goa can apply. The support is designed to reduce the money pressure on businesses so they can focus on growth and expansion instead of worrying about loan interest.

Key Information

Benefits

To support business growth, this scheme gives a subsidy on the interest paid for working capital loans. A unit can receive a maximum of ₹5,00,000 per annum, valid for a total period of 3 years.

Benefits depend on the budget available with the department. A unit can claim this support once every fiscal year, for a maximum of 3 years in total. The exact amount is decided after checking the interest actually paid on the loan.

Eligibility

To get this support, a business unit must meet the following conditions:

• The unit must be actively operating within Goa.
• The unit must be registered as a proprietorship firm, private limited company, public limited company, registered partnership firm, or a limited liability partnership.
• Bank accounts of the unit, its directors, or partners must be linked with Aadhaar.

Udyog Aadhaar is also required to claim benefits under this scheme. A unit that is already getting similar support under another Goa government policy cannot claim benefits here at the same time.

Exclusions

Any unit already receiving similar financial support through another government policy in Goa cannot claim benefits under this scheme at the same time. The scheme rules are not binding promises from the government, and payments depend on the budget available.

Application Process

Applications are submitted online through the Goa Online portal. Here are the steps to follow:

STEP 1 - Visit the official Goa Online portal and click on the Register button at the top right corner.

STEP 2 - Verify the email ID and mobile number using the OTP sent, then open the registration page.

STEP 3 - Fill in all the required fields and create a secure login. Review the terms carefully before submitting.

STEP 4 - Log in with the credentials after registration is complete.

STEP 5 - Go to Services, then IT Services, and find this scheme in the list. Provide the details and upload all the required documents.

STEP 6 - Submit the application and save the unique registration number for tracking purposes.

Alternatively, a unit can also apply through the official scheme page on the Goa MSME portal, where the Apply button redirects to the Goa Online portal. The claim can be made on a quarterly, half-yearly, or yearly basis after the interest has been paid.

Documents

Keep the following documents ready before applying:

• Copy of the incorporation certificate and unit registration certificate.
• Copies of PAN, Aadhaar, and GST documents.
• Copy of the Memorandum and Articles of Association.
• Proof of starting operations, such as the first bill.
• Copy of the loan agreement with loan amount and interest details.
• Proof of interest payment, such as receipts, bank statements, or demand drafts.
• Udyog Aadhaar.

References

Scheme Guidelines | Official Scheme Page | Official Gazette Serial No. 20 | Official Gazette Serial No. 21 | Official Gazette Serial No. 32 | DITE&C Goa | Contact Us | User Manual

FAQ's

Where can I find the link to the scheme guidelines?

You can access the complete guidelines at this official link.

Where can I find the official gazette?

The official gazette notices are available on the Goa MSME portal. You can download Serial No. 20, Serial No. 21, and Serial No. 32.

Is there any application fee?

No, the whole application process is free.

How can I track the status of my application?

You can track your application through the Track Status option on the Goa Online portal.

When was the scheme launched and by which department?

The Department of Information Technology, Electronics and Communication (DITE&C), Government of Goa, launched this scheme in 2018.

Is Udyog Aadhaar a required document?

Yes, you must produce Udyog Aadhaar to claim benefits under this scheme.

Are the benefits guaranteed?

Benefits depend on the budget available and are not guaranteed if the funds run out.

How often can I claim the support?

You can claim the support once every fiscal year, for a maximum of 3 years in total.

What is the amount of the subsidy?

Smaller business units can get an interest subsidy of up to ₹5,00,000 per annum on their working capital loans.