The Spurring Entrepreneurship Initiative is a scheme under the Mission Youth designed to provide financial assistance to young entrepreneurs in the Union Territory of Jammu & Kashmir. With a special focus on high-growth entrepreneurship, this scheme encourages the establishment of new business ventures and the expansion of existing ones. It is inspired by the Youth Enterprise with Innovation (YouWiN) and Champion for Innovation programs, aiming to spur job creation and foster innovation, with a particular emphasis on empowering young women.
Objectives
- Encourage Innovation and Job Creation:
Promote high-growth entrepreneurship through business plan competitions and other initiatives. - Financial Empowerment:
Provide financial support to young entrepreneurs for establishing and expanding business units. - Focus on Youth and Women:
Special focus is placed on empowering young entrepreneurs, especially young women, to drive economic development.
Benefits
- Financial Assistance (Start-up Loan):
- Minimum: ₹2,00,000
- Maximum: ₹20,00,000 (inclusive of interest capitalized during the implementation period)
- No Margin Requirement:
There is no requirement for margin money. - Repayment Terms:
Selected applicants repay only the principal amount; the interest component, up to a maximum of ₹2,00,000, is borne by Mission Youth, provided there is no default in repayment. - Utilization:
The assistance must be exclusively utilized for establishing a startup.
Eligibility
- Age Criterion:
Applicants must be between 18 and 40 years of age. - Educational Qualification:
Applicants must have passed or qualified the XIIth standard or above. - Business Focus:
The financial assistance is available to those proposing the creation of a new business or expansion of an existing venture within Jammu & Kashmir. - Asset Requirements:
Assistance is provided for assets such as plant and machinery, and for working capital. - For New Start-ups:
Applicants should be unemployed and registered with the District Employment and Counseling Center. - For Business Expansion:
Applicants must have an established business for at least 2 years. - Ownership:
For non-individual enterprises, at least 51% shareholding and controlling stake must be held by one entrepreneur. - One-Time Benefit:
Each person can only seek assistance once under this scheme. - Women Reservation:
25% of the sanctioned cases in each financial year are reserved for women. - Collaboration:
The scheme is implemented in collaboration with JKTPO, SRLM, or other government organizations concerned with women’s development.
Exclusions
- Applicants with defaults to any bank or financial institution are not eligible.
- Units that have already availed any incentive or subsidy under any government scheme are excluded.
Application Process
Offline & Online
- Download the Application Form:
- Download the form from the official portal.
- Complete the Form:
- Fill in all required details and attach the necessary documents.
- Submission:
- Submit the completed form along with documents to the office of the Chief Executive Officer, Mission Youth, Civil Secretariat, Jammu and Kashmir.
- Documents Submission:
- Ensure that all required documents are attached to support the application.
- Evaluation:
- Applications are evaluated based on business plan competitions and normal assessment procedures by J&K Bank as per their standard criteria.
Documents Required
- Passport-size photograph (PNG format)
- Aadhaar Card (PDF, both sides, max size 150 KB)
- Domicile Certificate (PDF)
- Matriculation Certificate (PDF)
- Unemployment Certificate (for new startups) (PDF)
- Proposed Project Proposal (PDF)
- Any additional documents as specified by the scheme guidelines
Frequently Asked Questions
- What is the objective of the SEI Scheme?
To promote youth enterprise with innovation, encourage new business creation and expansion, and empower young entrepreneurs in Jammu & Kashmir, with a focus on job creation and innovation. - What is the eligibility to apply in this scheme?
Applicants must be between 18 and 40 years old, have passed XIIth standard or above, and be proposing a new or expanded business venture in Jammu & Kashmir. For new startups, the applicant must be unemployed and registered with the relevant employment center. - What is the financial assistance provided under the scheme?
Financial assistance ranges from a minimum of ₹2,00,000 to a maximum of ₹20,00,000, which includes the capitalized interest component during the implementation period. - What is the procedure for selection of applicants?
Applicants are evaluated through business plan competitions and standard assessment procedures by J&K Bank. The selection process considers the viability of the business plan and the applicant’s eligibility criteria. - What is the minimum and maximum age to apply?
The age limit is between 18 and 40 years. - May applicants from other states apply?
No, only residents of Jammu & Kashmir are eligible. - What documents are required?
Required documents include a passport-size photograph, Aadhaar Card, domicile certificate, matriculation certificate, unemployment certificate (for new startups), proposed project proposal, and any other documents as per guidelines. - What is the minimum qualification to apply under this scheme?
Applicants must have qualified or passed the XIIth standard. - How to apply online?
Applicants can download the application form from the official portal, complete it, and submit it in the office of the Chief Executive Officer, Mission Youth, Civil Secretariat, Jammu and Kashmir. - What is the procedure for applying for the scheme?
The procedure includes downloading the form, filling it out, submitting the form with required documents, and then undergoing evaluation by the relevant authorities.