Venture Capital Fund worth Rs. 250 cr set-up for Scheduled Caste entrepreneurs

Union Ministry of Social Justice and Empowerment has created a Rs. 250-crore 'Venture Capital Fund' for providing equity-based loans to prospective Scheduled Caste entrepreneurs, with a view to further boost welfare measures for the disadvantaged sections of society.

Union Minister Vijay Sampla said that while his department would provide Rs. 200 crore to the Industrial Finance Corporation of India (IFCI), the latter would add Rs. 50 crore to it from its own resources for the Fund.

"Out of this fund, Rs. 50 lakh to Rs. 15 crore easy loan will be given to the prospective SC entrepreneurs for setting up industry. He can return loan in easy installments out of the profit," said the Union Minister who was here to hold 'Jan Sewa Meet' program. He also said that his department will earmark Rs. 200 crore every year for the Fund.

The Minister further said that even people from general categories (GC) can avail this fund by having 60 percent partnership of those from the SC’s in the industry. This participation of the SCs will have to continue till the entire loan was cleared by the GC person," he said.

Who can get access to the 'Venture Capital Fund'?

• Students - Rs. 3 crore will be given for a hostel for SC girls
• Motored tricycles - Rs.25, 000 will be given for motored tricycles to those having 80 per cent disability
• Women empowerment – Girls belonging to SC will be given drivers training
• Women empowerment – Besides drivers training, girls will also be trained on judo-karate for self-defence

Talking about development in the state, Mr. Sampla also said that 26 Drug De-addiction cum Rehabilitation Centres will be set up in Punjab. Drug addicts will be kept for three months, instead of earlier 21 days, at the centres, be given yoga and spiritual lessons and counselling by specialists for their personality development.

Source: With inputs from Pioneer