Manipur Government Opens Applications for Financial Support Under Chief Minister’s Entrepreneurship Support Scheme (CMESS)
The Government of Manipur, through its Planning Department, has announced the launch of the Chief Minister’s Entrepreneurship Support Scheme (CMESS) for the financial year 2024-25. This scheme is designed to provide financial assistance to local entrepreneurs looking to expand their already established businesses within the state. The initiative aligns with the government’s goal to promote economic growth by supporting small and medium enterprises (SMEs) and strengthening the entrepreneurial ecosystem in Manipur.
Financial Support and Benefits
Entrepreneurs applying under the CMESS are eligible for financial support of up to Rs. 10 lakh. The funding is structured as follows:
- 65% Loan: The loan is collateral-free and is covered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and Manipur Credit Guarantee Scheme (MCGS), which provides security and guarantees for loans to ensure that entrepreneurs can access finance without the burden of providing collateral.
- 30% Subsidy: A direct subsidy to lessen the financial burden on business owners.
- 5% Margin Money: Entrepreneurs are required to invest a small portion of the project cost as margin money.
The government has identified 17 sample projects, ranging from piggery and tailoring to more technical trades like electronic repair and automobile servicing. Entrepreneurs can select a project from this list, or propose their own, provided it aligns with the ongoing business and meets the necessary criteria.
Sample Projects and Costs
Here are some of the sample projects highlighted by the scheme:
- Piggery - Rs. 8.5 lakh
- Tailoring - Rs. 3 lakh
- Ready-made Garments - Rs. 10 lakh
- Poultry Farming - Rs. 5 lakh
- Fishery - Rs. 10 lakh
- Mushroom Farming - Rs. 3.5 lakh
- Repairing & Maintenance of Electronic Items - Rs. 3 lakh
- Carpentry Workshop - Rs. 10 lakh
- Animal Food Manufacturing - Rs. 10 lakh
- Duck Farming - Rs. 3 lakh
- Computer DTP Works - Rs. 5 lakh
- Dairy Farming - Rs. 5 lakh
- Tent House Service - Rs. 5 lakh
- Shoe Retail Store - Rs. 9 lakh
- Beverage Manufacturing - Rs. 5 lakh
- Automobile Servicing - Rs. 5 lakh
- Piggery (10 pigs) - Rs. 3.18 lakh
Detailed descriptions and guidelines for these projects are available on the Startup Manipur website. Entrepreneurs can also select their own business-related projects that suit their ongoing operations.
Eligibility and Application Process
The scheme targets established entrepreneurs in Manipur who wish to expand their existing businesses. Applicants can register online starting 10th October 2024. Those who have previously applied under CMESS but have not yet been interviewed are encouraged to reapply by selecting a suitable project from the sample list available on the website.
The government aims to assist 5,000 beneficiaries in this phase of the scheme. Priority will be given to Internally Displaced Persons (IDPs) and Persons with Disabilities (PWDs) to ensure inclusivity and to support vulnerable communities in the state.
Documents and Requirements
The application process has been simplified with a checklist of required documents, which is available on the Startup Manipur website. This includes documents related to identification, business registration, and financial records needed by the banks for processing the loan.
Entrepreneurs are encouraged to carefully review the eligibility criteria and the list of required documents before applying.
Conclusion
The Chief Minister’s Entrepreneurship Support Scheme (CMESS) is a significant opportunity for local entrepreneurs in Manipur to scale their businesses with financial backing and government support. By providing collateral-free loans, subsidies, and a variety of project options, the scheme fosters growth and economic development across the state. Interested applicants should submit their applications by visiting the Startup Manipur website from 10th October 2024 onwards.
For more updates, tune into AIR News or check the Manipur State Website for further notifications and announcements.