Bihar Start-Up Scheme 2022
Bihar Start-Up Scheme 2022
Both state and central governments are trying to promote the start-up culture. These new start-ups will not only contribute to our GDP but will also make our country and youth self reliant.
The government of Bihar put major efforts through Bihar Start-Up Policy 2022 and its online portal which was launched on July 29th, 2022.
Applications have started for Bihar Startup Business Loan from 1st December 2022 and it can be submitted till 30th December 2022. The government will provide an interest-free loan of INR 10 Lakhs for a duration of 10 years to those start-ups which don’t have any funding source.
Entrepreneurs will also be helped in training and marketing by the government if needed along with the seed capital for their startups.
Eligibility for Bihar Startup Loan
- Must be a domicile of Bihar.
- The idea for the Business must be a start-up not any of the traditional businesses.
- The minimum age of the applicant should be 18 years.
- The registration of the applicant’s company must not be older than 10 years.
- The total valuation of the start-up must not exceed INR 100 crores.
Documents required for Bihar Startup Yojna
- Valid Email id which must be at least one year old.
- Aadhar linked Mobile number.
- Passport Size Photo
- Aadhar Card in soft copy
- PAN card in soft copy
- Caste Certificate
- Educational qualification certificate.
- If the entity is registered then it's proof.
- The balance sheet of the account.
This scheme will be a game changer for startup culture in Bihar as it focuses on increasing innovations by youth. However, there are various challenges. For example, many people still don’t understand the difference between traditional businesses and startups.
During November month, a total of 10000 applications were received out of which only 99 came under the category of startups after filtration by experts. Therefore before registering on the online portal, applicants have to go through a short test of 10 questions based on the basic definition of startups.
Application Process for Bihar Startup
- Through the Online Start-up Portal, startups need to submit their applications online along with a full description of their ideas in the required format.
- Start-ups Support Unit(SSU) will review and process all received online applications. According to criteria set by the Start-Up Fund Trust, the SSU will shortlist the qualified start-ups. The SSU will help startup applicants by holding their hands while they make improvements to their applications.
- The Preliminary Scrutiny Committee(PSC) headed by the Director, will approve the applications that have been shortlisted before the Department of Industries refers them to the incubators.
- The applications that have passed preliminary review will be linked to the incubators. The incubators will offer hands-on assistance, and following the incubation phase, they must present a start-up proposal outlining several areas.
- The Third Party Agency (TPA) will assess the list of these recommendations/proposals that incubators have submitted, and a rating will be provided in accordance with the approved rating criteria.
- These recommendations will be examined by the Start-up Monitoring and Implementation Committee (SMIC), which will then certify startups in accordance with the rating criteria.
- Start-ups will receive financial incentives and other forms of support based on how they are classified by a rating system. With Bihar Start-up Fund Trust(BSFT) approval, the specific guidelines in this regard will be completed.