MSME Loan
Abtik Services has started an association for start-ups & MSME companies, Egniol provides end to end solutions for all types of government benefits for MSMEs. We are a management consulting, training and start-up mentoring firm for the Manufacturing industry, Allied industries and Start-ups companies. We provide legal consultancy and financial advisory for all Government industrial policies.
Overview
The MSME Innovative (Design) scheme is a flagship initiative of the Ministry of Micro, Small & Medium Enterprises to promote innovation in the MSME sector in India. This scheme aims to encourage MSMEs to develop new and innovative products and designs that can help them enhance their competitiveness in the market. In this blog post, we will provide you with a comprehensive guide to the MSME Innovative (Design) scheme, including its objectives, features, eligibility criteria, and application process.
ELIGIBILITY CRITERIA
To be eligible for the MSME Innovative (Design) scheme, an MSME must meet the following criteria:
- Udhyam certificate is compulsory.
- Company should be older than 3 years and functioning. In one out of three it must have profitable for at least 1 year,
- The MSME must be registered under the MSME Act, 2006.
- The MSME must have a good track record and financial viability.
- The MSME must have a clear business plan for the project.
- The MSME must provide all necessary documents related to their project, including the project report, cost estimates, and financial projections.
BENEFITS
The MSME Innovative (Design) scheme offers the following features:
- Financial assistance under this activity will be utilized for engagement of design consultants for design interventions and expenses pertaining to development of prototype/product. For the design projects approved for any MSME, 75% (Micro) and 60% (Small & Medium) of the total project cost will be contributed by GoI up to a maximum of Rs. 40 lakh and the remaining project cost will be borne by MSMEs and deposited to the IA.
- The scheme offers assistance for activities such as design registration, patent filing, and prototype development.
- The scheme also provides support for technology upgradation, R&D, and capacity building.
Required Document
