Bihar Startup Policy Registration, Process, Benefits, Eligibility

The state government will provide a grant of INR 35,000 to assist companies in product development and training through Bihar Startup Policy. Syed Shahnawaz Hussain is the minister of industry in Bihar. He has created a startup website for young entrepreneurs who want to take advantage of the potential opportunities offered by the platform. Hussain stated that the state would pay a success fee of 2 percent for any new business that can raise capital from angel investors.

Bihar Startup Policy Registration

Syed Shahnawaz Hussain (the state’s industry minister) introduced the Bihar Startup Policy on July 29. This policy is designed to encourage individuals to start business ventures within the state. The Bihar Startup Policy provides that the state government will provide seed money to entrepreneurs of 10 Lakh Indian rupees (INR), free of interest, for a period not exceeding 10 years. An accelerator program participant will receive an INR 3 lakh grant to help with product development and training.

Bihar Startup Policy Registration, Process, Benefits, Eligibility

Minister also announced that Startup Policy provisions would be extended to include 15% of founders who are Schedule Castes or Schedule Tribes (STs). Participants in accelerator programs will be granted Rs. 11.5 lakh seed fund, and an investment of Rs. 3.45 lakh.

Sanjeev Kumar (technical director of Udyog Vibhag Department of Industries, Bihar) made another announcement, stating that the state would accept applications for startup seed funding starting next month.

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Bihar Startup Policy Benefits

Minister says that the Bihar Start-up Policy 2022 gives young entrepreneurs who want to start their business access to a capital of 10 lakh rupees. This capital is exempt from interest for a period of up to ten years. To encourage female entrepreneurs to take part, the benefits have been increased by 5%. Instead of 10000 rupees, entrepreneurs will receive 10.5 thousand. For founders of startups that are members of the SC/ST or have a disability, the incentive will be 15% and they will get Rs. 11.50 lakh.

Businesses who take part in “rigorous product improvement and finance training” will be eligible for a grant of three hundred thousand rupees. Additionally, a provision allows for up to two hundred and fifty thousand rupees to be allocated for handholding and supporting young entrepreneurs. To ensure their continued success, people who require counseling, training, or assistance with marketing are provided with the necessary preparations.

Bihar Startup Policy Process

Syed Shahnawaz Hussain (the state’s industrial minister) launched the Bihar startup seed fund coworking space on July 29. This was done to encourage more people in Bihar to start their businesses. The state government of Bihar provides a loan amounting to Rs. 10 lakh for potential business owners as part of its policy regarding the creation of new businesses. 10 lakh for 10 years, with no interest. An additional grant of Rs. A grant of Rs. 3 lakh would be given to firms that are participating in accelerator programs.

Hussain launched the Bihar Startup Policy and a site for young entrepreneurs interested in the opportunities offered by the platform. Hussain stated that companies that are successful in securing angel investment will receive an additional 2 percent from the state as a success fee. This fee would be called a success bonus.

Hussain stated that Bihar’s Industries Department has set up a matching loan mechanism in case a startup raises funds from angel investors but needs more funding.

Bihar Startup Policy Eligibility

Hussain created a startup website for young entrepreneurs who want to take advantage of the Bihar Startup Policy.

Hussain stated that the state government would pay an additional 2 percent of total investment to startups that attract angel investments. This will be charged as a success fee.

He said that the Startup Fund Trust of Bihar’s Industries department provides matching loans for startups that raise funds from angel investors but still require additional funds. Startup Fund Trust of Bihar offers matching loans for startups that raise capital from angel investors but still require additional funds.

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