NORKA Pravasi Startup Scheme supports 4,179 start-ups in five years

The Non-ResidentKeralites Affairs (NORKA) Pravasi Startup Scheme has supported4,179 expatriate entrepreneurs over the past five years andthe Left government sanctioned Rs 220.37 crore for suchstart-up projects by 'pravasis' who have returned toKerala,the state government said.

In the last financial yea (2019-20), 1,043 peoplerealised their entrepreneurial dreams using the PravasiStartup Scheme and Rs 53.40 crore was sanctioned for this,thegovernment said in a release.

''This scheme is a joint venture between NORKA andthe Kerala Startup Mission to create self-employmentopportunities for Pravasis who return from abroad and wish toembark on a new journey here as entrepreneurs,'' the releasesaid.

The objective of the scheme is to rehabilitateexpatriates who can contribute to the economic development ofthe State according to their professional skills.

Kerala Bank, Canara Bank and the Travancore PravasiDevelopment Co-operative Society are few of the 16 banks thatprovide loans to expatriates.

''Loans up to Rs 30 lakh with a capital subsidy of15 per cent (subject to a maximum of Rs 3 lakh) are availablefor start-ups by those expats who have returned to Keralaafter working abroad for at least two years and now settledhere.

The scheme also offers a 3 per cent interest rebatefor the first four years for those who repay the interest ontime,'' government said.

NORKA has expanded its field camps to reach out tomore people, to make the loan procedures easier and to makeloan processing in a single day.

Seven camps were conducted during the 2019-20financial year and about 500 pravasis have benefitted fromthis.

Interested Pravasis can check out''http://norkapsp.startupmission.in''norkapsp.startupmission.

in for further details and apply for the scheme.

Information is also available from Kerala StartupMission on 08047180470, NORKA toll-free numbers 18004253939(from India) & 00918802012345 (Missed Call Service fromabroad) and on''http://norkaroots.org''norkaroots.org website.

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