Madhya Pradesh Startup Policy 2022: Margin Money & Interest Subsidy Scheme — Eligibility Criteria

To be eligible for the Madhya Pradesh Startup Policy 2022: Margin Money & Interest Subsidy Scheme, startups must meet several key criteria:

• The applicant startup must possess valid recognition from the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India. This ensures the venture aligns with national standards for innovation and scalability.
• The startup must be officially registered and actively operating within the state of Madhya Pradesh. This criterion highlights the policy's focus on stimulating local economic growth and job creation within the state.
• A sanctioned term loan from a scheduled commercial bank, Non-Banking Financial Company (NBFC), or another approved financial institution is a mandatory requirement. This loan must be specifically designated for eligible business operations or setup costs, demonstrating a clear financial plan.
• The term loan must be exclusively issued in the startup's name, confirming its independent legal and financial status.
• Only revenue-stage startups are eligible to apply.
• The scheme is open to startups registered as private limited companies, Limited Liability Partnerships (LLPs), or partnerships.
• For startups seeking the enhanced interest subsidy, verified majority ownership by founders belonging to Scheduled Caste (SC), Scheduled Tribe (ST), Other Backward Classes (OBC) categories, or by women entrepreneurs is required. Documentary evidence of such ownership will be necessary during the application process.

Madhya Pradesh Startup Policy 2022: Margin Money & Interest Subsidy Scheme is open to startups at the revenue stage. The programme is targeted at startups registered in Madhya Pradesh. Applicants should be registered as private limited, llp and partnership. Applicants must hold DPIIT (Startup India) recognition.