North East Entrepreneurs Development (NEED)
The North East Entrepreneurs Development (NEED) initiative is an effort by the Ministry of Development of North Eastern Region to support entrepreneurship and business development in the North Eastern Region of India. The scheme has been formulated to help first-generation entrepreneurs who are short of equity. New projects in Micro and Small Enterprises, expansion, and modernization of existing units. Technical qualification of the promoter in the relevant field is a pre-requisite.
Eligibility Criteria:
First-generation entrepreneurs, existing entrepreneurs, proprietary & partnership concerns and companies. Technical qualification of the promoter in the relevant field is a pre-requisite.
Quantum/ size of overall fund (only for funding):
For Incubation group Rs 3 lakhs commercialization grant for 120 startups, additional Rs.7 lakhs for top 20 performers
For Pre-incubation group Rs 1 lakhs prototype grant for 150 startups, additional Rs.4 lakhs for top 25 performers.
Benefits:
Term loan up to a maximum of 75% of the project cost including one cycle of working capital in deserving cases. Promoter’s contribution minimum of 25% of the project cost.
Chamber of Commerce, Sustainable Development and Foreign Relations is company registered as under:
Pursuant to sub-section (2) of section 7 and sub-section (1) of section 8 of the Companies Act, 2013 (18 of 2013) and rule 18 of the Companies (Incorporation) Rules, 2014
Certificate of Incorporation issued by the Ministry of Corporate Affairs, Government of India