Meghalaya Any Business Ventures Scheme | Know Eligibility & Apply Process !

Meghalaya Any Business Ventures Scheme: Let us discover about PRIME Open Venture Scheme which represents a key initiative which comes under the Chief Minister’s ELEVATE program, which led its establishment by the Government of Meghalaya to foster employment, engagement, and empowerment among the mass youth of the state. To stimulate or enhance the entrepreneurship by facilitating easier access to credit through partnerships with various banks that serve as financial collaborators. By this Government offers a subsidy to mitigate the risks associated with credit distribution, in the form of down payments, as well as a backend subsidy that includes optional co-payment for equated monthly installments (EMIs) for certain schemes. Through this program various entrepreneurs including individuals, collectives, village organizations, various business entities, and traditional institutions will benefit from multiple schemes under a single online platform. The program encompasses several sectors, including agriculture, horticulture, veterinary and animal husbandry, tourism, entertainment, sports, wellness, and any other business ventures deemed economically beneficial for the residents of Meghalaya.

Meghalaya is beautiful and full with various potential opportunities along with potential innovators in a form of hidden gems whose ideas are unexplored to the public. The innovators face challenges on a daily basis from simple issues to complexity of a problem. The state has the potential opportunity to marginalize its economy by growth with the collaborative business activities that engage people of all ages. To support this vision, the government is introducing the Meghalaya Any Business Ventures Scheme, a credit-linked initiative designed to entertain citizens and enrich the local culture. Successful applicants will receive financial support to launch various business ventures, including training centers, music studios, processing units, restaurants, food trucks, and more, encouraging a diverse range of enterprises to emerge.

Meghalaya Any Business Ventures Scheme 2025: An Overview

Proposed Scheme	Meghalaya Any Business Ventures Scheme (Financial Assistance to 50 eligible 50 Entrepreneurs)
Eligible Applicants	Residents Of MEGHALAYA
	Those who have registered firms in Meghalaya in the form of PVT. LTD company, LLP and Nonprofit Organizations
Numbers of Unit allocation	50 with a limitation and one from each districts
Initiated By	PRIME
Responsible Department	Department of Planning
Department who will implement	MBMA (Meghalaya Basin Management Agency)

Eligibility Requirement for Business Ventures Scheme

• The applicants must be a resident of Meghalaya and to prove the residency the possession of valid ID card is must.
• Experienced persons are preferred at first and the new applicants may not be considered.
• The applicant must possess a valid portfolio of his work along with certificates of the course done by him.
• Proof of past works.
• They are advisable to show the proof of their financial contribution in the project.
• Effective and correct land ownership document or the agreement of lease is required for the proposed site.
• Locally the applicant is employed, that must be given to support the verification.
• If the land is owned, ownership documentation must be submitted, if leased, a valid lease agreement is needed.
• The project must commit to hiring local residents based on the funding received and the type of business.
• All criteria aim to ensure that selected applicants are committed to the project’s success and local development.

Exemption under Meghalaya Any Business Ventures Scheme

• There are some exemptions that the application will not be accepted from certain groups.
• Those who are currently employed (either full-time or on a contract basis).
• If a person is retired and he is getting pension.
• Also he will be disqualified if their immediate family members, even if their spouses, parents, and children up to the age of 30 are satisfying this criteria.
• State and central government employees, employees of PSUs and their subsidiaries.
• Those individuals are there politics, such as MLAs, MLCs, and MPs, or those aiming for similar government roles.
• Class-1 Registered contractors and consultants working with state or central government.
• Only one family member can apply for the scheme, and organizations.
• Those who have political Background in nature are also not eligible.

How to apply for Meghalaya Any Business Ventures Scheme?

• First you have to login to the portal by using your credentials after following the guidelines.

• Then you have to select your proposed scheme.
• Then after that complete the application form and submit all the documents which are needed to procure.
• After that submit your application form.

Documentation for Meghalaya Any Business Ventures Scheme

• A constructive summary of the project plan.
• All information about the applicant as their background, work portfolio, experience etc.
• NOC from responsible authorities.
• Budget of the project having cost allocation, Revenue model and other financial Documents.
• Timeline of the project that when to start and what will be the duration of that project.
• Any additional supporting documents that can be helpful.

Who are the Financial Supporting Partners?

• State Bank Of India
• HDFC Bank
• The Meghalaya Co-Operative Bank
• The Shillong Co-Operative Bank

What’s the Loan Amount?

• Maximum 70% of the projected cost
• It will be given within the tenure of 15 years.
• EMI will be start after 18 months of the completion of the venture
• It consist total of 162 months of EMI.

Fund Release

• The fund will be transferred to the Entrepreneur’s bank account directly after receiving the permission granted by the bank.

What’s the Process of Evaluation?

Evaluating the Entrepreneurs is of three step process.

• First all the submitted proposals will be evaluated under initial screening to determine its eligibility by the screening committee.
• Then entrepreneurs will go through personal interviews and presentation of their project.
• Then after this there will be a verification of land that is the land will be inspected by the coordinating officers of PRIME.
• After all of that process the final list will be declared.

Frequently Askes Questions: Meghalaya Any Business Ventures Scheme

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