In the last financial yea (2019-20), 1,043 people realised their entrepreneurial dreams using the Pravasi Startup Scheme and Rs 53.40 crore was sanctioned for this,the government said in a release.
"This scheme is a joint venture between NORKA and the Kerala Startup Mission to create self-employment opportunities for Pravasis who return from abroad and wish to embark on a new journey here as entrepreneurs," the release said.
The objective of the scheme is to rehabilitate expatriates who can contribute to the economic development of the State according to their professional skills.
Kerala Bank, Canara Bank and the Travancore Pravasi Development Co-operative Society are few of the 16 banks that provide loans to expatriates.
"Loans up to Rs 30 lakh with a capital subsidy of 15 per cent (subject to a maximum of Rs 3 lakh) are available for start-ups by those expats who have returned to Kerala after working abroad for at least two years and now settled here.
The scheme also offers a 3 per cent interest rebate for the first four years for those who repay the interest on time," government said.
NORKA has expanded its field camps to reach out to more people, to make the loan procedures easier and to make loan processing in a single day.
Seven camps were conducted during the 2019-20 financial year and about 500 pravasis have benefitted from this.
Interested Pravasis can check out "http://norkapsp.startupmission.in"norkapsp.startupmission. in for further details and apply for the scheme.
Information is also available from Kerala Startup Mission on 08047180470, NORKA toll-free numbers 18004253939 (from India) & 00918802012345 (Missed Call Service from abroad) and on"http://norkaroots.org"norkaroots.org website. PTI RRT BN WELCOME BN WELCOME
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI