“Interest Subvention Scheme for Bajra processing Units”
Dear-Businessman/Investors,
In Series of KIP: Business and Subsidy Update, today we are going to share with you an informative series i.e., “Interest Subvention Scheme for Bajra processing Units”.
Objective:
To promote post-harvest management, processing, and branding of Bajra, Hon‟ the Chief Minister of Haryana announced in Budget Speech 2023 that Bajra Processing Units of the State shall be provided Interest Subvention on the term loan availed by such units. This will enable the development of a market for Bajra and help the Bajra farmers in increasing their incomes.
Quantum of Assistance:
A Financial Assistance shall be provided to Bajra Processing Units (New and Expansion/Diversification) by way of reimbursement of Interest @7% p.a. or actual rate of interest paid, whichever is less, upto maximum assistance of Rs. 25.00 lac per financial year on the Term Loan availed for Bajra Processing by MSMEs.
Eligible Entities:
All Bajra Processing MSME units (New and Expansion/diversification) which are involved in the Bajra Processing activities including primary processing and secondary processing of bajra in the State of Haryana and which have availed term loans for Bajra Processing from Financial Institutions viz. Co-operative Banks/Sarva Haryana Kshetriya Gramin Bank/NABARD/SIDBI/ EXIM/Other Commercial Banks under the regulation/aegis of the Reserve Bank of India, shall be eligible under the scheme.
Eligibility:
(i) The unit should have filed the Udyam Registration Certificate (URC) and Haryana Udhyam Memorandum (HUM).
(ii) The unit should have Change in Land Use (CLU)/NOC permission for the project for said land from the Competent Authority, if applicable.
(iii) The unit should be in commercial production i.e. the benefit under the scheme may be availed only after the commencement of commercial production. The trading units will not be eligible under the said scheme.
(iv) The unit should be in regular commercial production at the time of disbursement and the subsidy shall not be released to the closed unit.
(v) The Unit should have obtained FSSAI Certification for the Bajra processing.
(vi) The unit may avail the benefit every year for 07 consecutive financial years, from the date of notification of the said scheme or date of Loan Sanction, whichever is earlier or as extended by the State Government from time to time.
(vii) The unit, that is availing/has availed benefits under the Interest Subvention Scheme of Haryana Enterprises & Employment Policy, 2020 or Interest Subsidy Scheme of Haryana Logistics, Warehousing & Retail Policy, 2018, shall not be eligible under this scheme.
(viii) The machinery/equipment to be installed should be new. No subsidy shall be admissible on second-hand machinery/ equipment.
Commencement and Applicability:
The Scheme shall commence with effect from the date of notification of the scheme and shall remain in operation for 07 years or as extended by the State Government from time to time (2024-2030).
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