Why in news
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National Cooperative Development Corporation (NCDC) has come up with a youth-friendly this scheme for attracting them to cooperative business ventures.
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Union Minister of Agriculture and Farmers’ Welfare Shri Radha Mohan Singh said at the launch of the scheme.
More about the news
Eligibility:
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It would have more incentives for cooperatives of North Eastern region, Aspirational Districts and cooperatives with women or SC or ST or PwD members.
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All types of cooperatives in operation for at least one year are eligible.
Funding
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The scheme will be linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF)’ created by the NCDC.
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The funding for the project will be up to 80% of the project cost for these special categories as against 70% for others.
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The scheme envisages 2% less than the applicable rate of interest on term loan for the project cost up to Rs 3 crore including 2 years moratorium on payment of principal.
NCDC
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odal Agency: Ministry of Agriculture & Farmers Welfare.
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It supports cooperatives in diverse fields apart from agriculture and allied sectors.
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It is a sole statutory organisation functioning as an apex financial and developmental institution exclusively devoted to cooperative sector.
Source
PIB