NEEDS
New Entrepreneur cum Enterprise Development Scheme (NEEDS)
The New Entrepreneur cum Enterprise Development Scheme (NEEDS) is an initiative of the Micro, Small, and Medium Enterprises Department, Government of Tamil Nadu. It is designed to support first-generation entrepreneurs by offering financial assistance, subsidies, and training (after loan gets sanctioned) to help them establish successful ventures in the manufacturing and service sectors.
Start your entrepreneurial journey with NEEDS. Get up to 25% subsidy and 3% interest subvention on your project loan.
NEEDS helps aspiring entrepreneurs set up new businesses by easing financial burdens. With subsidies of up to ₹75 lakhs and bank loans covering up to 95% of the project cost, the scheme empowers individuals to bring their business ideas to life. In addition, beneficiaries receive entrepreneurship training (after loan gets sanctioned) to enhance their business skills and ensure long-term success.
Low initial investment required from the entrepreneur
Generous subsidy and interest support for new ventures
Scheme Benefits
Starting your business is easier with these key financial advantages. From high loan coverage to generous subsidies and interest support, NEEDS reduces your financial burden so you can focus on building your enterprise. With added entrepreneurship training, this scheme ensures first-generation entrepreneurs are set up for lasting success.
Eligibility
- Age: 21 to 35 years (up to 45 years for special categories)
- Education: Minimum HSC (12th Standard) or equivalent
- First-generation entrepreneurs starting a new manufacturing or service enterprise
- Must contribute at least 10% (General category) or 5% (Special category) of the project cost as own contribution
Financial Assistance
- Project cost: ₹10 lakhs to ₹5 crores
- Subsidy: 25% of project cost, maximum ₹75 lakhs (to be verified)
- 3% interest subvention for the whole loan period
