Interest Subsidy Reimbursement Scheme — Frequently Asked Questions
Answers to the questions founders most often ask about Interest Subsidy Reimbursement Scheme — who qualifies, the funding amount, required documents and how the application works.
Frequently asked questions
How much funding is offered under this scheme?
Tier 1 startups can receive up to ₹5,00,000 per year for two years (total ₹10,00,000), while Tier 2 startups can receive up to ₹2,00,000 per year for two years (total ₹4,00,000). The amount is a reimbursement of 30% (Tier 1) or 10% (Tier 2) of the loan interest paid.
What is the application deadline?
There is no fixed deadline. Applications are accepted on a rolling basis throughout the financial year. However, applications must be submitted within 6 months of incurring the relevant expenditure.
Who is eligible to apply?
Any startup that is certified by the Goa Startup Promotion Cell (SPC) with a valid certificate is eligible. Directors' bank accounts must be linked to Aadhaar. Expenditures must have been incurred after the notification of the Goa Start-up Policy 2017 and must be paid digitally.
Does this scheme take equity?
No. This is a reimbursement subsidy and is non-repayable. The government does not take any equity stake in the startup.
What documents are typically needed to apply?
The application process requires filling out a form and uploading documents, including proof of loan, interest payment receipts, and startup certification. Specific document lists are available on the official website.
How do I apply for the Interest Subsidy Reimbursement Scheme?
You can apply online through the Goa Startup Mission website (https://startup.goa.gov.in) by registering and submitting the scheme form with required documents. Alternatively, you can download the proforma, fill it, attach self-attested copies of documents, and email it to spc-dit.goa@gov.in.
Can I combine this subsidy with other government schemes?
Yes, the benefits of this scheme are in addition to any other interest subsidy or loan provided under the Chief Minister Rojgar Yojana (CMRY) or similar programs.
How often can I avail the benefits?
Startups can avail the benefits bi-annually or annually, subject to the scheme's terms and the two-year limit.
What is Tier 1 and Tier 2 classification?
Tier 1 includes the top 3 startups selected by the Startup Promotion Cell and receives 30% interest reimbursement. Tier 2 includes up to 40 other startups per year and receives 10% interest reimbursement.
Is DPIIT recognition required for Interest Subsidy Reimbursement Scheme?
No. DPIIT (Startup India) recognition is not listed as a mandatory requirement for Interest Subsidy Reimbursement Scheme, though having it can strengthen your application and unlock other benefits.
Who offers Interest Subsidy Reimbursement Scheme?
Interest Subsidy Reimbursement Scheme is offered by Goa Startup Mission, a government body. It is provided as non-dilutive funding.